UK plans to make stable coins a recognized payment method

Chancellor Rishi Sunak is a crypto enthusiast who has recently stated that he wants Britain to become “a global hub for crypto-asset technology and investment".

The UK plans to relax crypto regulations — and allow stable coins to become a recognized payment method. This will have a positive impact on the economy and will give the UK a competitive edge after Brexit.

For the moment, Chancellor Rishi Sunak has outlined some measures to make sure that firms can innovate and scale up their business by implementing stable coin payments and making long term investments.

In May, the Financial Conduct Authority will host a two-days consultation called “CryptoSprint” where they will discuss this matter furthermore.

However, British people don’t seem happy with these measures, mostly because they aren’t involved in the crypto space, don’t have knowledge about how the technology works and are more interested in the latest challenges of real-life like inflation and energy prices. 

Some officials - (Tuliq Siddiq, a Labour MP and Governor Andrew Bailey of Bank of England) believe “crypto firms linked to criminal gangs have been left to trade freely” and “those cryptocurrencies are the new frontline in criminal scams “. 

Such affirmations make the average person less receptive to seeing cryptocurrencies as the future of money.  

Another great news related to the crypto changes that may happen soon is that The Royal Mint, the organization responsible for issuing new coins in the U.K., is going to release its own non-fungible token (NFT) this summer.

Time has proven that great changes always face resistance. From the public, from authorities and from those who don’t see the bigger picture. 

How do you feel about this? Let us know in a comment, we’d love to hear it.

Don't forget to follow us @cryptonezo to stay updated with the latest blockchain and cryptocurrency news.