Coinspeaker
UK Nears Stablecoin Launch, Considers CBDC in Long Term
Following a meeting with the UK Parliament, the UK’s Economic Secretary to the Treasury has affirmed that the country will likely launch a stablecoin soon. Andrew Griffith stated this while speaking to the UK Parliament Treasury Committee about crypto assets on January 10.
While emphasizing the country’s commitment to becoming a global crypto hub, Griffith said introducing a stablecoin would be the first step in the process. He noted that the stablecoin would be used for wholesale settlements between banks. Further, Griffith stated that as a necessity, a third-party provider would issue the stablecoin.
The launch of the stablecoin will go hand-in-hand with the Financial Markets Infrastructure. Both items are included in the Financial Services and Markets Bill (FSMB), which passed a second reading in the House of Lords on Jan 10.
The bill, introduced in July 2022, will give the Financial Conduct Authority (FCA) the
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