UK Treasury to legalise stablecoins

Wednesday 18 May 2022 14:41 CET | News

United Kingdom’s Department of Treasury has shown intend to go ahead with legalising stablecoins as a form of payment.

It is the Treasury’s intent to regulate stablecoins across Britain, as revealed in the Queen’s Speech. During the speech, Prince Charles announced the introductions of new legislation across various sectors, including measures to drive economic growth to improve living standards in the region.

However, the Treasury’s plan does not involve legalizing algorithmic stablecoins and instead prefers 1:1 fully backed stablecoins like Tether (USDT) or USD Coin (USDC). 

By legalizing stablecoins for the UK market, the Treasury aims to open growth opportunities while ensuring financial stability as it introduces new financial technologies.

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Keywords: treasury, central bank, stablecoin, regulation
Categories: DeFi & Crypto & Web3
Countries: United Kingdom
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DeFi & Crypto & Web3

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