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The UK formalizes cryptocurrency as a valid payment method

Posted on April 4, 2022 by admin

The The UK Treasury announced this morning that it plans to formalize some stablecoins as a “valid payment method.”within a package of measures to make the country a global center for investments and development of technologies related to crypto assets.

The United Kingdom considers stablecoins, digital assets whose value is linked to the value of traditional currencies such as the US dollar, They can offer “effective payment methods and expand choices for consumers.”

The Executive Committee also made a statement that it would explore the possibility of using decentralized database technology, similar to that used by bitcoin and other cryptocurrencies, as a basis for improving “efficiency, transparency and resilience” in UK financial markets.

In particular, it will assess the potential benefits of using these technologies within the framework of sovereign debt instruments.

“We want to see the businesses of tomorrow and the jobs they will create here in the UK. Through effective regulation we can give them the confidence they need to think and invest for the long term,” said Economy Minister Rishi Sunak.

“My ambition is to make the UK a global hub for crypto-assets. The measures we announced today will help ensure that companies can invest, innovate and grow in this country.”

Read more: Ukraine launches ‘War Museum’ NFT to raise crypto

The UK formalizes cryptocurrency as a valid payment method

The government will review taxes associated with loans and other financial services in crypto-currency between individuals, known as Decentralized Finance (DeFi, in English), among other measures.

The Secretary of State for the Economy, John Glenn, said in a speech at the Fintech Week in London that he aspires to make the UK “a hospitable place for cryptocurrencies”, in order to “attract investment, generate many jobs. And create a wave of innovative new products and services.” “.

“If there is one message I want to make clear, it is that the UK is open for business, and open for crypto business,” Glenn emphasized.

He acknowledged that cryptocurrencies “have proven attractive to criminals and hostile states,” though he asserted that the government “has taken effective steps to prevent their misuse.”

He also confirmed that there was concern about the environmental impact of digital mining of some cryptocurrencies, which requires large amounts of energy, and confirmed that they would “examine in detail” these aspects as well to promote the UK as a “global leader”. Center in Green Finance.

Despite the potential risks, Glenn emphasized the “enormous potential” he sees in crypto assets.

“We want to make sure that we have the opportunity to get the most out of it. We will not lower our standards, but we will maintain a technologically neutral perspective,” the foreign minister added.

With information from EFE.

It may interest you: Federal Reserve calls for new rules before cryptocurrency advances

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