U.K. lawmakers agreed on new rules for stablecoins on Thursday, as the government promised to consult on further crypto regulations and a digital pound in the coming weeks. In April, Rishi Sunak, at the time finance minister, said he wanted to make the U.K. a hub for crypto.
Lawmakers are now poring over government proposals to regulate stablecoins, which are cryptocurrencies that seek to maintain their value against the pound or the U.S. dollar, and which can be used as a means of payment. "Certain crypto assets and distributed ledger technology could drive transformational changes in financial markets," recently-appointed Economic Secretary to the Treasury Andrew Griffith told the committee probing the Financial Services and Markets Bill, adding that there are also "risks to consumers and financial stability".
Stablecoins
Policy and Regulation
