Bitcoin: The UK Treasury is considering a digital pound scheme

According to the economic secretary of the Treasury, the government is thinking about establishing a national cryptocurrency or "digital pound." According to Andrew Griffith, the UK is dedicated to becoming a global center for cryptocurrencies. Furthermore, the establishment of a framework for the widespread use of stablecoins for payment purposes was "a long way down the road," according to the administration. Stablecoins are intended to be backed by conventional currencies or assets like gold and have a predictable value. Innovative technology In the upcoming weeks, a public consultation on the characteristics of a digital pound would be undertaken, Mr. Griffith said the Treasury Select Committee. In the Financial Services and Markets Bill, which is now being discussed in Parliament, he added, "I want to see us establish a regime for the wholesale use of stablecoins for payment purposes. Global central banks are creating or researching digital currencies. "It is right to look to seek to embrace potentially disruptive technology, particularly when we have such a robust fintech and finance sector," Mr. Griffith further stated before the committee. This "potentially disruptive game-changing technology that can challenge but also turbocharge all of those [financial] industries" was something he wanted to give the chance to. consumer defense Concerns about whether any cryptocurrency could ever be considered stable have grown following the recent "crypto winter," which saw the value of Bitcoin and other assets drop sharply. It could also bring up a lot of public policy considerations. A public consultation will also be held on Britain's first general regulatory strategy for cryptoassets, a field where consumer protection has recently come under fire. But the consultation will form part of a "research and exploration" phase and will help both the Bank of England and the government develop the plans over the following few years. When it came to regulating crypto, Mr Griffith told the committee, being right was more important than being first, given the UK's "strong financial reputation". "It will be a long lead-time activity," he said. Correct balances The world's first complete set of regulations for crypto markets has been established by the EU. They are anticipated to get final clearance soon and go into effect in 2024. According to Mr. Griffith, the UK regulations could be expanded to cover decentralized finance, and everyone would gain from more transparency. He told the committee, "We want the proper regime, managed in the correct way, that has the right balances in it. In order to "expose us as regulators and decision makers," he also promised to host "at least" six roundtables with those in the cryptocurrency industry. Other stories Meta maintains that the threat of the African content moderator firm’s exit learn the law in the UK Lady Leads “Church Worship” While Still in Her Undies (Watch) How Ghanaian celebs responded to the Jublilee House video shoot with Meek Mill Afghan oil extraction is agreed upon by the Taliban and a Chinese company.