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Great Britain wants to recognize stablecoins as legal tender

 


The Treasury wants to legalize only fully secured stablecoins.


As the crypto world prepares to deal with the aftermath of the death spiral suffered by the Terra ecosystem last week, the UK Treasury announced that its plans to regulate stablecoins as legal tender remain in place.


The announcement has reignited the Treasury Department's commitment to supporting innovation in the country.


The Ministry has confirmed that the legalization of stablecoins as a payment mechanism was part of the financial legislation section of the Queen's speech. Prince Charles stated that the nation is taking various laws across the board to improve living standards and encourage growth.


The Economic Crime and Corporate Transparency Bill will play an important role in achieving these goals as it strengthens law enforcement officials' power to crack down on illicit finance and reduce white-collar crime, which will fuel corporate growth, the said Prince of Wales.


While the UK's Department for Economic and Financial Affairs confirmed last month that its constitution would be amended to make room for the use of stablecoins, skepticism about the future of such legislation grew as markets reacted to the demise of LUNA last week and UST collapsed due to crash observed by Terra, one of the most popular stablecoins.


Treasury Chancellor Rishi Sunak indicated that last week's events had not affected the country's plans, adding that the government would take all steps to ensure the UK's financial services industry is always at the forefront of technology and innovation stands.


A Treasury spokesman further pointed out that the UK will not legalize payments via “ algorithmic stablecoins ” like Terra, instead supporting 1:1 fully backed stablecoins like USDT or USDC:


“The government has made it clear that certain stablecoins are not suitable for payment purposes as they share characteristics with unsecured crypto assets.


We will continue to monitor the broader crypto asset market and stand ready to take further regulatory action as needed.”

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