This headline is a deliberate distraction and burying of the lede. The full announcement:
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- Stablecoins 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
Sunak understands plenty. He's the richest politician in the UK with a net worth of at least £200m. He's previously announced a plan for 'Britcoin', totally not crypto, but a totally government-controlled currency system to serve their own authoritarian purposes.
> Rishi Sunak, the chancellor, has asked the Bank of England to look at the case for a new “Britcoin”, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.
> A Bank-backed digital version of sterling would potentially allow businesses and consumers to hold accounts directly with the central bank and to sidestep others when making payments, changing the lenders’ role in the financial system.
> “We’re launching a new taskforce between the Treasury and the Bank of England to co-ordinate exploratory work on a potential central bank digital currency [CBDC],” the chancellor told an audience of financial executives today at the start of the UK FinTech Week conference
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- Stablecoins 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
https://www.gov.uk/government/news/government-sets-out-plan-...