The European powerhouse set to become the hub for digital payments

The UK is set to regulate a number of cryptocurrencies, all in a bid to become a hub for digital payment organisations.

Stablecoins will officially become recognised payment methods, with the intention of giving people the confidence to shop with the virtual currencies.

Stablecoins operate by having a fairly consistent value… with tehir price linked back to more traditional assets like gold.

The nation’s Chancellor says he wants to see the UK transform into a crypto hub… home to the “jobs of tomorrow”.

The government says this strategy is all about building consumer confidence, and encouraging long-term investments.

But the digital assets not without their own controversy, in 2021, Hong Kong based Tether faced questions over business practices.

It was later fined US $41million by the Commodities Futures Trading Commission for allegedly mis-stating its reserves.

It remains unclear which stablecoins will be regulated in Britain.