Money
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.