Stablecoins to be Recognized as a Payment Method in the United Kingdom, Crypto Rules to be Relaxed, and NFT to be Released

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The United Kingdom announced on Monday that stablecoins 'may provide a more efficient means of payment and more customer choice,' but the declaration was met with skepticism by voters.

The United Kingdom has declared that it will loosen crypto restrictions, allowing stablecoins to be used as a form of payment.

Chancellor Rishi Sunak wants Britain to become "a global hub for cryptoasset technology and investment."

One of the most interesting aspects of his announcement is that the Royal Mint, which is in charge of creating new coinage in the United Kingdom, will launch its own non-fungible token this summer.

A financial market infrastructure sandbox will be developed, which is less interesting but nonetheless noteworthy, to ensure that digital asset businesses may innovate.

Sunak, who is determined to provide the United Kingdom a competitive advantage after Brexit, said he wants to give firms the confidence to make long-term investments:

"It's my ambition to make the UK a global hub for cryptoasset technology, and the measures we've outlined today will help to ensure firms can invest, innovate and scale up in this country."

The United Kingdom stated on Monday that stablecoins "may enable a more efficient form of payment and more consumer choice." Private issuers would be able to operate under the government's proposals if they met specific criteria.

In May, the country will hold a two-day consultation dubbed "CryptoSprint" in which it will aim to involve the crypto business. The Financial Conduct Authority, a City watchdog that has been harshly critical of digital assets as an investment — and was recently chastised for its handling of a crypto business registration procedure — will be in charge of this.

Government Criticized over Crypto Push

While crypto enthusiasts applauded the United Kingdom's new position, average consumers were less enthusiastic.

Voters have accused the government of being tone deaf in the face of skyrocketing inflation and energy prices, and many on Twitter questioned why Sunak was preoccupied on NFTs when some British families are forced to choose between eating and heating their homes.

Sunak's new approach is a "gimmick," according to Tuliq Siddiq, a Labour MP and member of the Opposition. She continued, "

"Under this government, crypto firms linked to criminal gangs have been left to trade freely. It's time to regulate the sector."

And awkwardly, Monday also saw Bank of England Governor Andrew Bailey warn that cryptocurrencies are the new "frontline" in criminal scams — and slammed major exchanges for being reticent to impose sanctions.

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