• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Altcoin News / Relevant Stablecoin Initiatives To Soon Be Part Of The UK Treasury
Stablecoin

Relevant Stablecoin Initiatives To Soon Be Part Of The UK Treasury

November 10, 2020 by Sahana Kiran

A few years ago, digital assets were subjected to tremendous government hate and hostility. The non-volatile nature of stablecoins, however, seemed to have attracted regulators. Since digitization began in full swing, governments have been exploring the development of the digital currency of the central bank, most commonly known as the CBDC. Though China has been the fastest in the development of the CBDC, other countries have been caught up in the race. The UK seems to be the latest one to take a big step in that direction.

UK To Probe Stablecoins And CBDC

The United Kingdom’s Treasury Department seems to be serious about digitalization as it yearns to put into place regulations for the same. A recent article from the UK Treasury revealed that country was steering towards revamping the existing financial sector of the country. The Chancellor of the UK Treasury, Rishi Sunak explained that the Treasury would put forth necessary initiatives pertaining to stablecoins in order to make sure it is at par with the already established payment methods.

UK’s departure from the EU created quite a buzz and the Treasury views it as an opportunity to formulate a new chapter in the history of financial services in the country. Sunak added,

“By taking as many equivalence decisions as we can in the absence of clarity from the EU, we’re doing what’s right for the UK and providing firms with certainty and stability. Our plans will ensure the UK moves forward as an open, attractive and well-regulated market, and continues to lead the world in pioneering new technologies and shifting finance towards a net zero future.”

Sunak, also took to Twitter to reveal that the country would soon publish a consultation in aid of new and privately-issued currencies. While the UK’s latest move reveals that the country has been welcoming newly issued stablecoins, the European Union had revealed contrasting thoughts about the same. The EU in a recent meeting revealed that no other private organization apart from the ECB was to issue stablecoins.

Furthermore, with regard to CBDC, the Chancellor revealed that the Bank of England and the Treasury were contemplating allowing central banks to issue their native digital assets as a counterpart to cash.

Filed Under: Altcoin News, News, World Tagged With: CBDC, european union, UK

Primary Sidebar

Recent Posts

  • Bitcoin Tanked Due To Power Outage In China Says Willy Woo April 19, 2021
  • Tron’s [TRX] Bullish Momentum Takes A Hit As It Hovers Near $0.14 April 19, 2021
  • Bitcoin Future Traders Are Not Bullish Despite Recovery Above $56K April 19, 2021
  • DeFi’s TVL Surpasses $60 Billion As Institutional Interest Surges April 18, 2021
  • Tron’s DeFi Ecosystem TVL Surges Past $15 Billion April 18, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.