The government has today announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment. It is nice that the UK is becoming more interested in accepting cryptocurrencies,NFTs and trading platforms like Coinbase, Binance, Tycoon and KuCoinStablecoins to be brought within regulation paving their way for use in the UK as a recognised form of payment.Announcement part of a series of measures to make the UK a global hub for cryptoasset technology and investment.Measures include legislating for a ‘financial market infrastructure sandbox’ to help firms innovate, an FCA-led ‘CryptoSprint’, working with the Royal Mint on an NFT, and an engagement group to work more closely with industry.This is part of a package of measures to ensure the UK financial services sector remains at the cutting edge of technology, attracting investment and jobs and widening consumer choice. It includes:introducing a ‘financial market infrastructure sandbox’ to enable firms to experiment and innovate,establishing a Cryptoasset Engagement Group to work more closely with the industry,exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market,and working with the Royal Mint on a Non-Fungible Token (NFT) this summer as an emblem of the forward-looking approach the UK is determined to take via /r/Bitcoin https://bit.ly/3ubKWES
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