At the Innovate Finance Global Summit on Monday, UK’s chancellor Rishi Sunak laid out plans to regulate stablecoins, a move that could see the asset class become a valid form of payment. According to the officials, the government could widen consumer choice of payment and make the process more efficient with the appropriate regulation.
The Treasury, through its official Twitter (NYSE:TWTR) account, said the move highlights the “forward-looking approach we are determined to take towards crypto assets in the UK,” adding that the digital collectible will be available by the summer.
Alongside the new plans on stablecoins, the Treasury is looking to introduce a ‘financial market infrastructure sandbox’ that would allow companies to explore ways to enhance the competitiveness of the UK tax system to boost developments in the crypto sector.
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Source: Cryptocurrency - investing.com
