UK Government Bill Suggests Making Stablecoins a Form of Payments

by in Cryptocurrency News

United Kingdom

U.K. financial regulators are proposing rules on stablecoins. Financial services and markets bill will be presented to parliament.

Related: Europe's Central Bank Says Stablecoin Regulations Are Urgent

Previously, in April, the U.K. Treasury announced goals to turn the country into a crypto hub. The new rules would allow consumers to make payments with stablecoins.

The Bank of England’s deputy governor Jon Cunliffe said earlier that stablecoin framework may come before the August summer break before broader crypto market regulations.

Recently, Tether, the developer of the largest stablecoin USDT announced launching a British pound-pegged stablecoin, GBP₮. According to a report by Reuters, UK finance minister Nadhim Zahawi said at the City of London's annual Mansion House dinner that due to regulations, consumers will remain protected. The legislation will ensure that scam victims can get compensation, and they will also act to protect access to cash for the people relying on it.