:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/elfinanciero/RML7V6UH7FBF7PVKNAEXTA55YY.jpg "UK says ‘yes’ to cryptocurrency as a valid form of payment – El Financiero")
Ministry of Economy great Britain announced this Monday that they plan to inaugurate several crypto currency stable as a “legitimate form of payment”.
This, as part of a package of actions to make this country a global investment center and technological developments related to crypto assets.
The British government considers that stable cryptocurrencydigital assets whose value is tied to traditional currencies such as the US dollar, can offer “efficient payment methods and broaden choices for consumers“
In this regard, the British Executive assured that they would explore the possibility of using a decentralized database technology, similar to that used by bitcoin and other cryptocurrencies, as a basis for increasing “efficiency, transparency and resilience” from financial markets in the United Kingdom.
In particular, it will assess the potential benefits of using this technology within the framework of sovereign debt instruments.
“We want to see the businesses of the future, and the jobs they will create, here in the UK. By managing effectively, we can give them the confidence they need to think and long term investment” said the Minister of Economy, Rishi Sunak.
“My ambition is to make the UK a global hub for crypto asset technology. The steps we’re announcing today will help ensure that companies can invest, innovate and grow in the country.”
They also indicated that they would review taxation related to lending and other financial services with cryptocurrency between individualsknown as Decentralized Finance (DeFiin English), among other steps.
Meanwhile, the Secretary of State for the Economy, John Glen, emphasized in his speech at the exhibition FinTech Week from London who aspired to make England”cryptocurrency friendly place”, to “attract investment, create jobs, and create a wave of innovative new products and services”.
“If there’s one message I want to make clear today, England is open to business, open to… crypto businessGlen emphasized.
However, he acknowledged that cryptocurrencies “has proven attractive to criminals and hostile countries“
He also emphasized that there were concerns about environmental impact of the digital mining process of several crypto currencyWhat do you need? large amount of energyand ensure that “they will study in detail” these aspects in order to also promote Great Britain as “the world’s leading center for green finance”
Despite the potential danger, Glen underlined “great potential” he feels in crypto assets.
“We want to make sure we have the opportunity to get the most out of it. We will not lower our standards, but we will maintain a technologically neutral perspective,” the foreign minister added.
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