UK Treasury Department To Draw Up Regulatory Framework For Stablecoins And CBDC
The Treasury Department of the United Kingdom has announced plans to regulate stablecoins across the country while stressing that research is ongoing into creating a CBDC.
The Department announced on Monday, where it said that it has already drawn up a draft regulatory framework for stablecoins across the country. In the statement, the Treasury Department also mentioned that research was already ongoing into the creation of a state-backed central bank digital currency (CBDC).
Also, the Treasury Department’s Chancellor has lauded digital assets and stablecoins as one of the fastest and easiest ways to facilitate payments in and out of the countries.
Treasury to draw up modalities to help new start-ups
In his statement, the Chancellor lauded the great research work currently ongoing in a bid to create its state-backed CBDC. Notably, the United Kingdom Treasury Department is collaborating with the Bank of England to create its CBDC.
Furthermore, the Chancellor also said that the treasury department is making giant strides to increase new companies springing up across the United Kingdom. In this regard, the Chancellor said that the Department has set up a new committee that will look into reforms to help companies that wish to list in the UK to do so with little challenges.
In his statement, Sunak said that new technologies like stablecoins and digital assets had introduced new methods to save money and facilitate fast and cheap payments worldwide.
“The government aims to create a regulatory framework that will put the stablecoins and digital assets on the same level with other payment methods,” Sunak added.
The United Kingdom is currently working on creating CBDC
Another thing mentioned in the announcement is a move by the United Kingdom government to launch its state-backed CBDC in the coming years. Furthermore, the announcement noted that the research work is currently progressing as they have recorded positive results so far.
In his statement, the Chancellor said the government wants to increase its lead in financial technology.
Sunak also said that the UK government wants to increase its technological advancement in the global space by creating its state-backed Central Bank Digital Currency. He also lauded the great work that is currently being done by the Bank of England and the Treasury Department to ensure they draw up a modality for CBDC creation to complement the use of physical cash.
Furthermore, the Chancellor said the Department is currently making plans to help the government actualise its other environmental targets, especially its 2050 net-zero target.
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