The UK Government to recognise Stable coins as a valid form of payment
There were people speculating that stable coins would not last long, or that the governments will show reluctance to accept them as a viable source of payment. Putting an end to these suppositions, the UK Government has recently announced that it plans to see stable coins recognised as a valid form of payment. The move came as part of broader plans to brand Britain as a global hub for crypto asset investment and technology.
The recognition of stable coins as a valid form of payment was instrumental in ensuring that the UK financial sector remains at the forefront of advanced technology to attract investments and create new jobs for the citizens of the UK. The complete package further included the following:
· The UK Government aims to introduce a financial market infrastructure sandbox in a bid to facilitate firms with their experimentation and innovation endeavors.
· To work more closely with the crypto industry, the government has announced plans to establish a Crypto asset Engagement Group.
· To facilitate the development of the crypto asset market, the government said that it was exploring ways to enhance the competitiveness of the UK tax system.
· The Royal Mint is also working with the government to launch a Non-Fungible Token (NFT) that would function as an emblem of the UK’s progressive approach toward modern technology.
FA Global operations team has been testing their newly created product an NFT creator marketplace platform the benefits of creation and exchange of a unique item that you cannot replace with something else is the main concept there are features to extending a potential minting service and the team is in the final stages of a released version.
So, what are stable coins and why is the UK government interested in them?
Stablecoins are a form of digital currencies just like Bitcoin or Ether, but they are unique as they are pegged to a fiat currency such as the GBP, Euro, or Dollar. This allows stable coins to achieve stability and maintain a stable value.
Cryptocurrencies are mostly volatile, and their values are strongly dependent on the sentiments of people. While in essence, stablecoins are the truest form of cryptocurrencies available and superior to others because they possess the benefits of both the cryptos and the fiats.
Now the UK government is all poised to bring stablecoins as a proper means of payment within the country. To do this, it is legislated to bring it within the payment’s regulatory perimeter. This will create the optimum conditions for the stablecoins creators and service providers to invest and operate in the UK. It is believed that with the government recognising stable coins and regulating it, the UK will have high regulatory standards and financial stability in the years ahead. This will also pave the way for reliable usage and security of stablecoins in the country.
Financial experts believe that with appropriate regulations, stablecoins can become extremely efficient in conducting micro-transactions and widening consumer choices. For this, the stablecoins would not only need to be accepted by the governments but also incorporated into point-of-sale solutions (POS solutions) to offer further ease to businesses and their customers in executing profitable transactions.
The ambitious moves of GP Coin in the current financial landscape
The developers of the GP Coin already had it in their plans to make GP Coin strong enough to conduct micro-transactions opening the opportunity for XGP POS. We were already in talks with numerous merchants to ensure the usability of GP Coin to everyone. For this, we have BETA launched XGP POS and it gives us immense pleasure to announce that the BETA Launch of XGP POS has been an absolute success as over one thousand merchants have officially registered and signed up for it across the EU, Asia, and Africa.
What further can we expect with the UK Government accepting stablecoins as a viable form of payment?
The UK has a concrete vision of being a global hub for crypto-asset technology. It was mentioned clearly in a speech by John Glen, Economic Secretary to the Treasury at the Innovate Finance Global Summit where he announced that the UK will be proactively exploring the benefits of Distributed Ledger Technology (DLT).
DLT allows data to be easily synchronized and shared in a decentralised fashion to achieve enhanced transparency, efficiency, and resilience. According to some reports, the UK government is already legislating to establish a financial market infrastructure Sandbox. This is designed to assist firms in providing advanced services that allow Distributed Ledger Technology to be tested in the market.
The UK government has also confirmed that it will be initiating a research program that will be targeted at exploring the feasibility along with the potential benefits of utilizing DLT for autonomous debt instruments.
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FA Global BK Finance is a Fintech company FCA authorised, 2020 founded in 2011 as a consultancy on one core simple belief: improving borderless technology by creating access ID & financial inclusion. Our foundation consistently has grown from legacy 2.0 and merged 3.0 applications products and VASP licensed services.
