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UK to Focus Regulation on Stablecoins Rather Than Crypto in General: Report
“We believe the case for intervention in the wider cryptocurrency markets is less immediately pressing,” Economic Secretary to the Treasury John Glen said Tuesday.
Updated Sep 14, 2021, 12:33 p.m. Published Mar 30, 2021, 12:30 p.m.
The U.K. will focus on regulating stablecoins rather than cryptocurrency in general, according to statements made by a treasury minister, Reuters has reported.
STORY CONTINUES BELOW
- Speaking at a City & Financial conference Tuesday, Economic Secretary to the Treasury John Glen said stablecoins could pose a threat to competition.
- “There is the potential for some firms to swiftly achieve dominance and crowd out other players, due to their ability to scale and plug into existing online services,” Glen said.
- It is likely he was referring to a stablecoin like diem. Announced by Facebook in June 2019 as libra, the proposal was met with widespread concern from governments and central banks.
- The U.K. Treasury released a consultation paper in January to gather feedback on the government’s approach to regulating stablecoins and other cryptocurrencies.
Read more: UK Treasury Calls for Feedback on Approach to Cryptocurrency and Stablecoin Regulation
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