The British Ministry of Finance is considering digital pounds and retains the goal of the crypto hub-Finance
The British Ministry of Finance is considering digital pounds and retains the goal of the crypto hub-Finance
Great Britain is considering the introduction of a digital pound, since it continues to endeavor to become a center for cryptocurrencies, as a government agent indicated. According to the official, British authorities should also regulate payments with stable coins.
The United Kingdom is preparing for the beginning of the consultation for the digital pound currency
The executive in London consider the introduction of a digital version of the state currency, the Ministry of Economic Affairs, Andrew Griffith, told the legislator, reported the BBC. A public consultation on the properties of a digital pound will be initiated in the coming weeks, he said in an interview with the parliamentary treasury Select Committee. Quoted by Reuters, he also emphasized:
The consultation will say that this is a if and not when. We are not entirely aware of the inevitability of this approach.
A digital pound raises many questions of public order, and the government has to “do it correctly”, said Griffith. He spoke
Griffith continued that the first application for a digital central bank currency ( cbdc ) England would be spent, probably in wholesale bills, but admitted that a privately issued, fiat-supported stable coin "would probably arrive there first". "I want us to create a regime within the FSBB, for the large-scale use of stable coins for payment purposes," added the minister, referring to the Financial Service and Market Act, which is currently being debated in the British Parliament. Andrew Griffith also announced that another consultation on the United Kingdom's regulatory approach in relation to crypto assets is generally initiated. While the EU is already in terms of a number of comprehensive rules for the market, which is expected to come into force in 2024 that the British regulations could be even more comprehensive and that decentralized finances could include. "We want the right regime that is operated in the right way and has the right balance," he told the members of the committee and promised to hold several round table talks with industry participants as part of the discussions. The statements by Andrew Griffith come after the ratings of large cryptocurrencies such as Bitcoin last year and the collapse of large market participants such as the crypto exchange FTX. In the middle of a persistent crypto winter, consumer protection was put to the test in space, according to the reports. Do you expect Great Britain to develop and publish a digital pound? Share your thoughts on this topic in the comment area below. Bedy verification : Shutterstock, Pixabay, Wikicommons Great Britain can accept wider crypto regulations than the EU
