UK Treasury pushes forward a Stablecoin regulation
Algorithmic stablecoins would be excluded due to their lack of stability; only stablecoins backed by fiat currencies will be considered
By Shashank Bhardwaj
Image: Shutterstock
The UK Treasury has announced that it is open to stablecoin regulation for payment purposes. However, algorithmic stablecoins would be excluded due to their lack of stability; only stablecoins backed by fiat currencies will be considered.
This declaration is in accordance with Prince Charles' speech, which highlighted the British government's legislative agenda for the coming year. In the Queen's Speech on Tuesday, May 10, Prince Charles announced that the government would introduce new legislation to strengthen the UK's financial services industry and guarantee that it acts in the interest of all people and communities. Two of the proposed bills specifically mentioned cryptocurrency.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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