UK Treasury to publish proposals for stablecoin regulation

Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: SAMUEL HAIG, reproduced by Odaily with authorization.

Cointelegraph Chinese (ID: CointelegraphChina)stable currencyCointelegraph Chinese (ID: CointelegraphChina)CBDC, Author: SAMUEL HAIG, reproduced by Odaily with authorization.

stable currencystatementProposal, while still studying central bank digital currency (

) as a substitute for cash.

statementU.K.In, Chancellor of the Exchequer Rishi Sunak took note of upcoming regulatory proposals and other goals for the UK financial services sector, including a review of the UK listing regime and support for green finance.

"New technologies such as stablecoins can change the way people store and exchange money, making payments cheaper and faster."

When this news was released,

U.K.

A week of decisive talks with the European Union over a post-Brexit trade deal. Prime Minister Sunak said he hopes the UK’s financial services industry will lead the “global conversation on new technologies such as stablecoins and central bank digital currencies” moving forward:

"We are opening a new chapter in the history of financial services and re-establishing the UK as a world-class financial centre. Our plan will ensure the UK remains an open, attractive and well-regulated market."While details are still unclear, the statement said the draft would require stablecoin schemes to adhere to the same minimum standards as entities operating with other payment methods.The document also reveals that both the Bank of England and the Treasury are currently researching CBDCs, with the Chancellor welcoming work from both departments on "whether and how central banks could issue their own digital currencies to complement cash".The regulatory implications of stablecoins became a major topic of concern after Facebook announced its plans to launch its digital currency Libra in June 2019.Since then, European lawmakers have called for private stablecoins to fall under their jurisdiction

take root

Before, should formulate

Strict and clear regulatory guidelines, also highlighted concerns about monetary sovereignty and consumer protection.

——Rishi Sunak（@RishiSunak）In contrast, the UK chancellor appeared to offer a more positive assessment of the burgeoning stablecoin industry, noting that stablecoin schemes would face the same regulation as existing payment companies.