UK ratifies plans to regulate stablecoins

The UK Treasury Department ratified its decision to continue with plans to regulate stablecoins under the Money Markets and Services Bill, after last week’s collapse as stablecoin terrausd (UST) lost their peg with the US dollar, and after terra LUNA plummet to almost zero.

A Treasury spokesman said: “This will create the conditions for issuers and repair providers to operate and develop in the UK, while ensuring financial stability and high regulatory requirements.”

Likewise, the Treasury Department spokesperson stressed that the entity “does not plan to incorporate algorithmic stable currencies within the laws, saying that they do not ensure stability. Terrausd (UST) is an instance of an algorithmic stablecoin.”

For his part, the British Chancellor of the Exchequer, Rishi Sunak, explained that the plan will certify that the UK currency industry is always at the forefront of technology and innovation.

Crypto property regulation plan

The Treasury spokesman pointed out that the laws that will allow stable currencies to be regulated, as well as the sites that can be used as a means of payment, are part of the Money Markets and Services Bill presented during the speech made to the Queen.

As will be remembered, recently Prince Charles delivered the speech detailing the UK government’s legislative agenda in which “particularly cryptographic ownership” is contemplated.

A detailed plan is contemplated within the regulatory agenda “to make the nation a world cryptographic center and a suitable place for cryptocurrencies.”

This plan aims to create a “dynamic regulatory framework for cryptocurrencies, regulate stablecoins and deal with the Royal Mint to create a non-fungible token (NFT),” the spokesperson explained.

M. Rodríguez

Source: diariorealidad.news