United Kingdom will legalize several cryptocurrencies as valid forms of payment

This content was published on 04 April 2022 – 4:02 pm

London, Apr 4 (EFE).- The UK Ministry of Economy announced this Monday that it plans to formalize several stable cryptocurrencies as “valid forms of payment” in the UK, in a package of actions to make the country a global hub for investment and technology development. associated with crypto assets.

The UK government considers that a stable cryptocurrency, a digital asset whose value is tied to a traditional currency such as the US dollar, can offer an “efficient payment method and broaden choices for consumers.”

The executive also said in a statement that they would explore the possibility of using decentralized database technology, similar to that used by bitcoin and other cryptocurrencies, as a basis for increasing the “efficiency, transparency and resilience” of 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 regulating effectively, we can give them the confidence they need to think and invest for the long term,” said Finance Minister Rishi Sunak.

“My ambition is to make the UK a global hub for crypto asset technology. The measures we are announcing today will help ensure that companies can invest, innovate and grow in the country,” he added.

The government will review taxation related to lending and other financial services with cryptocurrency between individuals, known as Decentralized Finance (DeFi), among other measures.

The Secretary of State for the Economy, John Glen, emphasized in a speech at the FinTech Week fair in London that he aspires to make the UK a “crypto-friendly place”, to “attract investment, generate jobs and create a wave of new products and services that innovative.

“If there’s one message I want to make clear today, the UK is open for business, open for crypto businesses,” said Glen.

He acknowledged that cryptocurrencies “have proven attractive to criminals and enemy states”, though he assured that the Government “has been actively taking steps to prevent their misuse”.

He also stressed that there are concerns about the environmental impact of the digital mining process of some cryptocurrencies, which require huge amounts of energy, and assured that they would “study in detail” these aspects to also promote the UK as a “leading country in the world”. green financial center”.

Despite the potential dangers, Glen underlined the “huge potential” he sees in crypto assets.

“We want to make sure that 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. EFE

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Roderick Gilbert

"Entrepreneur. Internet fanatic. Certified zombie scholar. Friendly troublemaker. Bacon expert."

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