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UK will adopt stablecoins in the retail payments system, says Finance Ministry

UK will adopt stablecoins in the retail payments system, says Finance Ministry 10

The Economic and Finance Ministry of the United Kingdom confirmed that it is going to bring legislation for stable coins adoption in the payment system. 

Increasing demand and adoption of stable coins in the crypto industry is no longer limited to crypto investors, instead, it is also moving toward the non-crypto sector because of the ease of accessibility of the payment system. However, due to the regulatory framework stablecoins adoption is facing a road bump but here we should not forget that we are early adopters of this technology and based services. 

On 4 April, The United Kingdom’s Economic and Finance Ministry published its statement on its efforts to include stablecoins related legislation in the existing regulatory framework, to allow the citizens to use stable coins in the payment system.

The released statement also confirmed that the ministry is already working on the amendment to bring stablecoins use in the payment system since January 2021. 

The Ministry also noted that a regulatory framework for stablecoins is a necessary step and they will try to use the existing electronic money and payments legislation for stable coins also. 

The Finance Ministry also said that the instruction of amendment to include stablecoins in the existing regulatory framework was an effort of the UK government to bring the crypto assets and blockchain technology into the United Kingdom to figure out the measures. 

Rishi Sunak, Chancellor of the Exchequer, said that they are working to make the UK a global hub of such Innovative technology-based industry, and also with the legislation they will give authority to the companies to invest in this industry. 

Rishi further added:

“This is part of our plan to ensure the U.K. financial services industry is always at the forefront of technology and innovation.”

Read also: Neutrino stable coin crashes to around 40%

UK will adopt stablecoins in the retail payments system, says Finance Ministry


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