UK Authorities Concerned with Monopolisation will Address Stablecoin Regulations
By Tyler S - Cryptocurrency Investor - 30-03-2021
According to John Glen, the financial services minister in the UK, stablecoins will become the primary target of the government's crypto buying regulatory operation. This is because stablecoins are cryptocurrencies that have a fixed price, for example Tether (USDT) is the equivalent to 1 USD, which makes it easier if you want to convert crypto, so you can do crypto to fiat and vice versa.
It’s reported that Glen made his remarks on Tuesday while speaking at a City & Financial Global conference stating that “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 observed.
Admittedly, the minister's statement is actually very similar to that of other financial regulators who have spoken out against the Diem stablecoin venture. Diem, which was first known as Libra, has raised issues from several regulatory authorities in a number of countries, with concerns that Facebook's global reach has a major risk factor towards sovereign monetary policies who are part of the initial crypto asset management project.
Diem has tried to solve these regulatory obstacles by overhauling the project. And yet, on the other hand, Diem has not obtained regulatory permission to start unveiling its stablecoin.
Rishi Sunak, the Chancellor of the Exchequer, said in November 2020 that Brexit represented a watershed moment for the United Kingdom's financial services industry, announcing at the time that the government will focus on leveraging novel Fintech technologies such as central bank digital currencies and stablecoins to guarantee modernization for the country in the new world of crypto trading.
If you are looking to buy and sell cryptocurrency but you’re not sure how to buy Bitcoin (BTC), and other popular crypto online, then you can just head over to BC Bitcoin where you can easily register an account to start trading today.