The UK recently announced big plans to become a global crypto technology hub.
“It is my ambition to make the UK a global hub for crypto technology, and the steps we outline today will help ensure companies can invest, innovate and expand in this country,” said UK Chancellor of the Exchequer Rishi Sunak.
Among the plans is a regulatory overhaul to better accommodate stablecoins for use within the UK as a recognized payment method.
In addition, the government plans to create legislation to adapt financial market infrastructure, which will be designed to help companies innovate in the sector.
The Financial Conduct Authority (FCA) will also lead important work together with the Royal Mint, which will produce the UK coins.
The UK government also intends to explore blockchain technology and its use in the wider UK financial markets.