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HASTARA BANK S.A.
2 min readApr 5, 2022

According to the authorities, the aim is to turn the UK into β€˜a global hub for crypto technologies’.

The UK Ministry of Economy announced on Monday that it plans to formalize some stable cryptocurrencies as a β€œvalid form” of payment.

This, as part of a package of measures to make the country a global center for investment and development of technologies linked to crypto-assets.

The British government considers that stable cryptocurrencies, digital assets whose value is linked to traditional currencies such as the US dollar, can offer β€œefficient payment methods and expand options for consumers”.

In this sense, the British Executive assures that they will explore the possibility of using technology from decentralized databases, similar to the one used by bitcoin and other cryptocurrencies, as a basis for improving the β€œefficiency, transparency and resilience” of the financial markets in the United Kingdom.

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

β€œWe want to see the businesses of tomorrow and the jobs they will create here in the UK. By effectively regulating, we can give them the confidence they need to think and invest for the long term,” said Economy Minister Rishi Sunak.

β€œMy ambition is to make the UK a global hub for crypto technologies. The measures we are announcing today will help ensure that companies can invest, innovate and grow in this country.”

They also indicated that they will review taxation associated with loans and other financial services with cryptocurrencies between individuals, known as Decentralized Finance (DeFi), among other measures.

For his part, the Secretary of State for the Economy, John Glen, underlined in a speech at the FinTech Week fair, in London, that he aims to make the United Kingdom β€œa hospitable place for cryptocurrencies”, in order to β€œattract investment, generate a crowd jobs and create a wave of innovative new products and services”.

β€œIf there’s one message I want to make clear today, it’s that the UK is open for business, open for crypto business,” Glen emphasize.

However, he admitted that cryptocurrencies β€œhave proved attractive to criminals and hostile states.” He also stressed that there is a concern about the environmental impact of the digital mining processes of some cryptocurrencies, which require large amounts of energy, and guaranteed that they will β€œstudy in detail” these aspects to also promote the United Kingdom as β€œthe world's leading center in finance. green”. Despite the potential dangers, Glen highlighted the β€œenormous potential” he sees in cryptocurrency assets. β€œWe want to make sure we have the opportunity to make the most out of it. We will not lower our standards, but we will maintain a technologically neutral perspective,” added the Secretary of State.

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