The government plans to recognise stablecoins as legal tender as part of its plan to make the UK a 'global cryptoasset hub'. According to a statement, the government wants to pass legislation to create "conditions for stablecoin issuers and service providers to operate and invest in the UK.” Regulating stablecoins, which are pegged to a domestic currency, is part of a wider plan to become the global cryptoasset hub. Another proposal put forward is the formation of a financial market infrastructure to allow firms to experiment and innovate to provide key infrastructure services, with a focus on distributed ledger technology (DLT).
The Crypto Report: UK gov't to recognize stablecoins under plan to become 'global cryptoasset hub'
