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    Home » The UK Is Set To Recognize Stablecoins As A Means Of Payment
    News

    The UK Is Set To Recognize Stablecoins As A Means Of Payment

    Samantha MitchellBy Samantha MitchellMay 17, 2022Updated:June 12, 2022No Comments3 Mins Read
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    According to Her Majesty’s Treasury representative, the Financial Services and Markets Bill proposes recognizing Stablecoins as payment. Speaking to the Telegraph, a leading newspaper in the UK, the spokesperson revealed that the new bill seeks to legislate the regulation of Stablecoins to integrate them into the financial system.

    The financial bill is a culmination of a 12-months study of Stablecoins that has been underway in the UK. According to proponents of the study, Fiat-backed Stablecoins have the potential to transform the financial system as they offer a futuristic payment option. The study also examined the risk of custody services and provisions of private wallets. The new bill now seeks to harmonize the regulation of all aspects of Stablecoins to safeguard users’ interests and promote their adoption in the UK.

    Stablecoins are Less Volatile Than Mainstream Cryptocurrencies

    The Cryptocurrency market has been bearish since Friday the 6th after the Federal Reserve revised the interest rates. Over the last few days, the Crypto market has been oscillating from bears to intraday bulls, where it established new lows and new support levels from the short-term market perspective.

    Stablecoins, on the other hand, have been relatively stable, hardly being affected by the market environment. For example, tokens such as the USDT and USDC are each backed by the US Dollar.

    Algorithmic Stablecoins Are Under Sharp Focus

    Not all Stablecoins are pegged against real assets such as Fiat currencies or financial instruments. Some values are determined by algorithmic trends configured to remain stable like the conventional Stablecoins.

    One example of an algorithmic Stablecoins is the TerraUSD (UST). The token made headlines after tanking from $1 to $0.13. The development could reduce the investor confidence in Stablecoins that are not backed by real assets, which could negatively impact the adoption of Cryptos. The Financial Services and Markets Bill excludes this kind of Cryptos as they are not linked to any real asset.

    However, leading Stablecoins such as Tether (USDT), Binance USD (BUSD), and the USD Coin (USDC) have been trading at $1 since their debut into the Crypto world. In most time-series data reviews, the value barely changes despite the dynamic trading volumes and the changing number of tokens in circulation.

    There Are Plans to Make the UK a Crypto Asset Hub

    According to Rishi Sunak, the Chancellor of the Exchequer, the bill seeks to make the UK a global Crypto hub. He adds that the Crypto market proffers many opportunities for the economy. For instance, it can lead to job creation and spur business opportunities.

    Other countries such as the USA and UAE have instituted legislative processes to regulate Cryptos and make them more user-friendly to promote their adoption.

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    Samantha Mitchell
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    Sam Mitchell is a Freelance Writer & Fitness Instructor from South Africa, living in Australia. She comes to the team with extensive writing and Social Media experience, covering a wide variety of genres from blog posts, book reviews, Whitepapers, blogs and guides to news pieces...and more. Sam has been Freelancing for over 17 years, working with many different clients. You can get in touch with Sam at www.stmwritingsolutions.com

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    Table of Contents
    • Stablecoins are Less Volatile Than Mainstream Cryptocurrencies
    • Algorithmic Stablecoins Are Under Sharp Focus
    • There Are Plans to Make the UK a Crypto Asset Hub
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