The British Treasury will issue an NFT in the summer

The British Treasury will issue an NFT in the summer

The United Kingdom will regulate the use of 'stablecoins' as a means of payment
The United Kingdom will regulate the use of 'stablecoins' as a means of payment

The Minister of Finance and head of the Treasury of the United Kingdom, Rishi Sunak, has entrusted the Royal Mint, the British mint, with the creation of a non-fungible token (NFT) this summer, within the framework of the battery of measures announced to boost the UK’s role in the crypto industry.

“Chancellor Rishi Sunak has asked the Royal Mint to create an NFT to be issued in the summer. This decision shows the forward-looking approach we are determined to take with regard to crypto assets in the UK,” the UK Treasury announced. United.

In this sense, the British Government intends to develop the necessary regulations so that stable digital currencies (‘stablecoins’) can be recognized as legal tender means of payment in the United Kingdom.

These stablecoins are a form of crypto-asset that is generally pegged to a fiat currency such as the dollar in order to maintain a stable value, explains the British Treasury, adding that “with proper regulation, they could provide a more efficient means of payment and expand consumer choice.

In this way, the British Government intends to legislate to bring stablecoins within the regulatory perimeter when used as means of payment, thus creating conditions for stablecoin issuers and service providers to operate and invest in the United Kingdom. United.

“My ambition is to make the UK a ‘hub’ for crypto asset technology, and the measures announced today will help ensure businesses can invest, innovate and grow in the UK,” Sunak said.

“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation,” he added.

In addition, the UK Government will also explore ways to improve the competitiveness of the British tax system to encourage further development of the crypto asset market in the country.

For its part, the Financial Conduct Authority (FCA) will hold a two-day “CryptoSprint” in May with industry participants, seeking input directly from the industry on key issues related to the development of a future crypto asset regime.

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