Britain to focus on regulating stablecoins

Monday 5 April 2021 11:59 CET | News

The financial services minister of Britain has announced that Britain will focus first on regulating stablecoins rather than the broader cryptocurrency market.

He said that Britain would not hold back innovation or be protectionist when it comes to using distributed ledger technology, which underpins cryptocurrencies such as Bitcoin. Separately, Britain’s financial watchdog said it would not be suitable to impose existing electronic money rules on stablecoins, as some are backed by several currencies or other assets.

Britain’s e-money regulations authorise cashless payments with money kept on a card or phone, or online. 

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Keywords: cryptocurrency, stablecoin, financial services, regulation, distributed ledger technology, Bitcoin, e-money
Categories: DeFi & Crypto & Web3
Countries: United Kingdom
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DeFi & Crypto & Web3

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