In early April, the press service of the UK government announced its intention to recognize stablecoins as a means of payment.
On the eve of the Parliament submitted the relevant bill. Its authors hope that the legalization of digital currencies with fiat and other collateral will strengthen the financial system of the kingdom.
The Cabinet believes that the blockchain industry will contribute to the modernization of the state's payment infrastructure after the completion of the Brexit procedure, that is, the UK's exit from the European Union.
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Under the new law, consumers will be able to freely use stablecoin as a means of paying for goods and services. The decision to accelerate the implementation of the regulatory framework for digital currencies linked to real assets was made after the collapse of the Terra project.
The Bank of England already then announced a set of measures to maintain the stability of the financial sector and protect investors who directed their capital to digital assets.
Central Bank Deputy Governor John Cunliffe recently told reporters that the stablecoin bill could be passed before parliament goes on vacation in August.