UK Says ‘Yes’ to Cryptocurrency as a Valid Payment Method – El Financiero

The Ministry of Economy United kingdom On Monday, it announced that it plans to formalize some Cryptocurrency Stable as a valid payment method.

This, as part of a set of measures to make the country a global investment center and related technology development Crypto assets.

The British government considers that stable cryptocurrencyDigital assets whose value is tied to the value of traditional currencies such as the US dollar, can provideEfficient payment methods and expanding choices for consumers“.

In this sense, British executives have confirmed that they will explore the possibility of using decentralized database technology, similar to that used by Bitcoin and other cryptocurrencies, as a basis for improving “Efficiency, transparency and flexibilityFrom the UK financial markets.

In particular, it will assess the potential benefits of using these technologies within the framework of sovereign debt instruments.

“We want to see the businesses of tomorrow and the jobs they will create here in the UK. Through effective regulation we can give them the confidence they need to think and Invest for the long termEconomy Minister Rishi Sunak confirmed.

My ambition is to make the UK a global hub for crypto-asset technologies. The measures we announced today will help ensure that companies are able to invest, innovate, and grow in this country.”

They also indicated that they will review the taxes associated with Loans and other financial services with cryptocurrency between individualsknown as decentralized finance (DeFiin English), among other measures.

For his part, Minister of State for Economic Affairs John Glenn stressed in a speech at the exhibition fintech week London that aspires to make the United Kingdom”A hospitable place for cryptocurrency‘, in order to ‘attract investment, create many jobs and create a wave of new innovative products and services’.

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“If there is one message I want to make today, it is that the UK is open for business, and it is open coding workGlenn confirmed.

However, he admitted that cryptocurrencies “It has proven attractive to criminals and hostile states“.

He also confirmed that there are concerns about environmental impact From digital mining to some Cryptocurrencywhat are you asking large amounts of energyThey confirmed that they would “study in detail” these aspects to also promote the United Kingdom asA leading global center for green finance“.

Despite the potential risks, Glenn emphasized “Huge potential“that he sees in crypto assets.

“We want to make sure that we have the opportunity to get the most out of it. We will not lower our standards, but we will maintain a technologically neutral perspective,” the foreign minister added.

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