𝗨𝗡𝗜𝗧𝗘𝗗 𝗞𝗜𝗡𝗚𝗗𝗢𝗠 𝗦𝗔𝗬𝗦 ❜𝗬𝗘𝗦❜ 𝗧𝗢 𝗖𝗥𝗬𝗣𝗧𝗢𝗖𝗨𝗥𝗥𝗘𝗡𝗖𝗬 𝗔𝗦 𝗔 𝗩𝗔𝗟𝗜𝗗 𝗠𝗘𝗧𝗛𝗢𝗗 𝗢𝗙 𝗣𝗔𝗬𝗠𝗘𝗡𝗧
According to the authorities, the aim is to turn the UK into ‘a global hub for crypto technologies’.
The UK Ministry of Economy announced on Monday that it plans to formalize some stable cryptocurrencies as a “valid 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 “efficient 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 “efficiency, 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.
“We 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.
“My 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 “a hospitable place for cryptocurrencies”, in order to “attract investment, generate a crowd jobs and create a wave of innovative new products and services”.
“If 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 “have 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 “study in detail” these aspects to also promote the United Kingdom as “the world's leading center in finance. green”. Despite the potential dangers, Glen highlighted the “enormous potential” he sees in cryptocurrency assets. “We 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.