The UK to Introduce Bill For Stablecoins Payments #togrp7
The United Kingdom regulator will propose using stablecoin– cryptocurrencies whose prices are pegged to another asset– for payment in the Parliament on Wednesday. UK Finance Minister, Nadhim Zahawi, will present the Financial Services and Market Bill in Parliament on July 20 to transfer the UK financial services sector.
UK finance members believe crypto assets and stablecoins can change the financial environment and establish the nation as a global leader in digital finance, post-Brexit. The Financial services and Market bill will set standards for using stablecoins as payments due to the rise of crypto in retail and other businesses. It provides a road map to adopt stablecoins, which could help drive crypto adoption in the UK. The regulation also covers consumer protections, marketing rules, and decisions with regards to amending the existing rules on digital assets and crypto. #togrp7