The UK’s Economic and Finance Ministry has stated that it plans to change its current regulatory framework to include stablecoins as a payment method.
According to Reuters, the United Kingdom’s finance minister, Rishi Sunak, has urged the Royal Mint, which mints the British government’s coins, to develop a non-fungible token (NFT) and launch it this summer.
This is part of UK Finance Minister Sunak’s new strategy for crypto assets, according to the source. NFT is a blockchain-based digital token with a single copy. These tokens have recently become popular, selling for massive amounts of Ethereum on platforms like as OpenSea.
The Finance Ministry stated that modifying its regulatory framework to accept stablecoins as a payment method was simply one element of a “package of measures” aimed at integrating crypto assets and blockchain technology into the UK. The government body also announced the formation of a Cryptoasset Engagement Group “to work more closely with the industry,” as well as the establishment of a “financial market infrastructure sandbox” aimed at innovative firms, and the introduction of a nonfungible token issued by the Royal Mint in summer 2022.
Following the FCA’s announcement that it had extended the interim registration status of some firms offering crypto services beyond the initial March 31 deadline. In March, the Bank of England and a group of UK regulators stated they were looking into crypto legislation, explicitly stating that they “welcomed” HM Treasury’s proposals to incorporate stablecoins into the country’s regulatory framework.
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