The U.K. is mulling over launching a digital pound as it remains committed to becoming a cryptocurrency hub, a government representative has indicated. British authorities should also regulate payments with stablecoins, according to the official.The executive power in London is considering the introduction a digital version of the national currency, Economic Secretary to the Treasury Andrew Griffith told lawmakers, the BBC reported.
A digital pound raises many public policy issues and the government has to “get them right,” Griffith stated. He addressed Griffith further elaborated that the first use case for a central bank digital currency issued by the Bank of England would likely be in wholesale settlements but admitted that a privately issued, fiat-backed stablecoin “would probably get there first.”
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This news is a big win for blockchain adoption! We're crossing our fingers for a successful launch of the digitalpound. Exciting times for DeFi users in the UK! HODL tight everyone! crypto
Exciting news! We are now one step closer to a future in which transacting with crypto is commonplace. Can't wait to see what the DBP has to offer 🤩 DeFi DefiningFinance
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