UK Treasury Plans To Go Ahead With Legalizing Stablecoins Despite TerraUSD Debacle.
22 May 2022, 08:00
UK Treasury Plans To Go Ahead With Legalizing Stablecoins Despite TerraUSD Debacle
In April, the UK had revealed plans to become a crypto hub and legalize stablecoin payments. Following last week’s events, many had thought that Her Majesty’s Treasury would put these plans on hold, but it appears the regulators are moving ahead with their plans.
UK Stablecoin Plans Not DeterredThe UK Treasury has revealed that it plans to go ahead with its plan to create legislation to make certain stablecoins accepted currencies for goods and services. Remarkably, even as crypto markets, stablecoins included, experienced a lot of volatility last week, the department remains undeterred.
Notably, in April, Her Majesty’s Treasury had revealed plans to make the UK a hub for crypto-assets and blockchain technology. In line with the set goal, the Treasury Department announced that the government would create legislation to allow stablecoins to be accepted for goods and services in the UK.