The UK government has announced plans to turn the UK into a global cryptocurrency hub. This new plan will see stablecoins recognized as a standard payment type and regulated in the same way as normal currency.
The Chancellor, Rishi Sunak has asked the Royal Mint to create an NFT and they will also introduce a ‘financial market infrastructure sandbox’ this will apparently allow companies to experiment and innovate.
It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.
We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.
This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation. – Chancellor of the Exchequer, Rishi Sunak.
It will be interesting to see exactly what is planned to turn the UK into a global cryptocurrency hub, you can find out more information on what the UK government has planned at the link below.
Source UK Goverment
Image Credit: RODNAE Productions
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