The government of the United Kingdom is planning to regulate some cryptocurrencies as a part a part of a broader plan for the purpose of becoming a global hub for the digital payments that is coming as the authorities in the United States and Europe have been racing for drawing up the rules for the cryptocurrencies.
The cryptocurrencies have been exploded in the popularity, which has been leaving the officials across the world scrambling to figure out how to regulate the cryptocurrency amid the fears that, they can possibly threaten the financial stability and hurting the consumers.
John Glen, economic secretary to the Treasury of the United Kingdom said that, the United Kingdom has opened for business and is now open for the cryptocurrency businesses. Rishi Sunak, chief of treasury of the United Kingdom has also asked for creating a digital collectible known as the NFT as an emblem of the approach in which, the United Kingdom has been determined for taking the approach.
The proponents of cryptocurrency said that, the technology is going to be making the payments easier and faster and more transparent and the skeptics are also worrying that, it can possibly be used for the illegal activity like money laundering and contributing to the carbon emissions because of the power of heavy computing that is needed for processing the transactions.
John Glen also said that, the government of the United Kingdom is planning to update laws on the payments for the purpose of including a typo of the cryptocurrency known as stablecoins for encouraging the service providers for operating and growing in the United Kingdom.