ADVFN News | The UK has announced plans to become a ‘crypto asset technology hub’

Today, the UK announced plans to become a “global crypto technology hub”.

“My ambition is to make the UK a global hub for crypto technology, and the steps we are outlining today will help ensure that companies can invest, innovate and expand in this country,” said Rishi Sunak, President of the UK Treasury.. In the prepared report.

These moves include Fixed coins “Brought to Terms” for use in the UK as an approved payment system.

It also includes government work with the Royal Mint, which produces UK coins – it establishes an NFT that acts as a “symbol” of the “forward approach” the government wants to take.

Chancellor @ Rishi Sunak Has asked @RoyalMintUK Need to create NFT to be delivered in the summer.

This result shows the perspective we have decided to take towards cryptocurrencies in the UK. pic.twitter.com/cd0tiailBK

– HM Treasury (hmtreasury) April 4, 2022

Translation of the tweet: Chancellor RishiSunak asked @RoyalMintUK to create the NFT to be released in the summer. This decision shows the perspective we have decided to take towards cryptocurrencies in the UK.

In addition, the government plans to enact legislation for the “financial market infrastructure sandbox”, which is designed to help companies innovate in the industry.

The Financial Conduct Commission (FCA), also known as the “Cryptographic Sprint”, will work with the Royal Mint, a UK currency maker, and lead an “engagement team” to work with the industry.

“We want to see tomorrow’s businesses – and the jobs they create – here in the UK and by effectively streamlining them we can give them the confidence they need to think and invest in the long run,” Sunak said.

The UK demonstrates the potential of cryptocurrency

The UK government’s announcement underscores the potential promise of staplecoins, saying that with the right regulation, they can provide consumers with “highly efficient” payment methods.

“By realizing the potential of this technology and regulating it now, the government will be able to ensure financial stability and high regulatory standards so that these new technologies can be used reliably and safely,” the government statement said.

The UK government also wants to explore blockchain technology and its application in the wider UK financial markets. The technology, the government said in a statement, “can achieve greater efficiency, transparency and regression.”

_{With decrypted information}