In April 2022, the UK government announced plans to legally incorporate stablecoins into their financial services sector. The legalization of these stablecoins is part of a wider plan to make the country a global hub for digital asset technology and investment, and the recent TerraUSD crash appeared to do little in the way of discouraging: [Why The UK Is Regulating Stablecoins But Not USDT and USDC](https://www.oobit.com/blog/uk-stablecoin-regulation/)
Building a legal framework around stablecoins will do well to restore stakeholder confidence in them, providing the general public with a reinforced surety after the recent bout of volatility. By incorporating stablecoin regulation into its already stringent and comprehensive regulatory framework surrounding electronic payments, the UK government will propel the digital currencies’ widespread use.
The only snag is that it is unlikely that the UK will give the green light to the already well-established stablecoins USDC and USDT that are pegged to the US dollar and not the local British pound.
1 comment
This feels like the entirely wrong subreddit for this, most people don’t give a fuck about crypto let alone know what a stablecoin is.
I’m into crypto, big proponent of it actually but this article is not really saying much. there’s barely any analyzing in the article, they speculate that the gov hope a company makes a stablecoin linked to the £. There’s no true analysis of what that could mean or the impact this would have for the average Joe or indeed the crypto world if a GBP stablecoin became commonly used over usdt/c.
Edited to add: upvoted for visibility anyway