The government of Britain is exploring the possibilities of accepting cryptocurrency as legal tender. At the moment they are particularly looking at the possibilities around stablecoins, or crypto that maintain a certain value, wich is often $1. However, they also want to start looking at possible regulation of other cryptocurrencies, such as Bitcoin or Ethereum.
Paying with stablecoins in the UK
Paying with stablecoins in Great Britain could soon become a reality. The finance minister of Great Britain is a big fan of crypto.
Rishi Sunak states; “It is my goal to make the United Kingdom the largest cryptocurrency hub in the world. The regulation we are putting in place today will ensure that companies can continue to invest, innovate and scale up.”
The finance minister sees crypto as a great growth opportunity, something that says a lot. Creating an ecosystem in which companies, as well as individuals, can use crypto in such a way that it ensures maximized growth.
However, the British also see the disadvantages of some cryptocurrencies. For example, they indicate that they will certainly take into account how much energy certain crypto currencies consume, and that they will adjust the rules accordingly. With these developments around crypto in the UK, they hope to attract more and jobs and wealth.
All of this is very positive news for the crypto market. It indicates that a global superpower, Great-Britain , is not only interested in crypto, but actually has plans to start implementing it in their economy. That would be a very positive sign.
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