The UK Could Soon Recognize Stablecoins as a Means of Payment

The press service of the UK government announced in April its intention to recognize stablecoins as a means of payment.

The authors of the relevant bill hope the legalization of digital currencies with fiat and other collateral will strengthen the financial system of the kingdom.

The Cabinet believes the blockchain industry will contribute to the modernization of the state’s payment infrastructure after the completion of the Brexit.

Under the new law, consumers will be able to freely use stablecoins as a means of paying for goods and services. The decision to speed up the implementation of the regulatory framework for digital currencies linked to real assets was made after the collapse of the Terra ecosystem.

The Bank of England has announced a set of measures to maintain the stability of the financial sector and protect investors who directed their capital to digital assets.