Rishi Sunak was appointed as the Prime Minister of the UK. Sunak is pro-cryptocurrency, with the goal of making the United Kingdom a crypto hub. In the middle of this, lawmakers in the United Kingdom agreed to recognize cryptocurrencies as regulated financial instruments and goods recently.
The House of Commons also passed a vote to include stablecoins in the new bill. UK lawmakers have come to an agreement to issue new rules for stablecoins on Thursday. The UK government is also planning to conduct a discussion on the digital pound and crypto laws in a few weeks.
Rishi Sunak’s vision to make UK a crypto hub
Global usage of cryptocurrencies is soaring. Governments around the world are trying to bring in the necessary rules for it. Governments are also trying to focus more on stablecoins. This is because they are pegged to either the value of the US dollar or pound and are less volatile.
Andrew Griffith, who was recently selected as Economic Secretary to the Treasury, stated that certain cryptocurrency assets and distributed ledger technologies could drive transformational changes in the financial markets. He also added that there are risks to the financial stability of the users.
“We wish to tentatively seize those opportunities … not fall behind other markets, but also proceeded in a cautious way.” Griffith continued, “The government’s position is to start with those most stable, least volatile coins likely to be used by intermediaries as a settlement currency and then we will go forward and consult from there.”
Griffith also highlighted the possibility of issuing a digital pound. The Bank of England and the Treasury are also planning to consult regarding this issuance in the coming weeks.
The committee lawmakers also voted unanimously in favor of the new crypto regulatory measure. As of now, the rules must be approved by the House of Lords.