The government of the United Kingdom announced plans that will see the stablecoins recognized as a valid form of the payment as a part of the large plans for the purpose of making the United Kingdom a global hub for the cryptoasset technology and investment.
Rishi Sunak, chancellor of the United Kingdom said that, it has been his ambition for making the United Kingdom a global hub for the cryptoasset technology, and the measures that they have launched are going to help them in ensuring the companies can possibly invest, innovate and also scale up in the country.
Rishi Sunak said, they want to see the businesses of tomorrow and the job, which they have been creating here in the United Kingdom and by regulating effectively, they can possibly give them the confidence, which they need for thinking and investing for their long-term goals.
He added that, this part of their plan for making sure the financial services industry of the United Kingdom has always been at the forefront of the technology and innovation.
The Stablecoins have been a form of the cryptoasset that are typically pegged to a currency such as the dollar and they are also intended for maintaining a stable value and with the appropriate regulation, they can possibly provide a more efficient means for the payment and a broad consumer choice.