Crypto-Currency Will Finally Find a Home in the UK

Boris Johnson’s exit saw Liz Truss’s appointment as the new Prime Minister of the UK. The new Prime minister comes into office in the wake of the UK trying to embrace the crypto regulations witnessed in the European Union. The UK is slowly taking its space in the Cryptocurrency world, and Lizz Truss has stirred this massive task.

The government, through Lizz Truss, is tasked with making the UK a big player in the Crypto world, and the Prime Minister affirmed this stand during her swearing-in. Creating a conducive market for crypto to thrive in will see the UK create employment, encourage investments, generate more revenue for the government through tax and, to some extent, the innovation levels will also increase.

The introduction of the financial services and market bill in parliament aims to regulate the use of crypto in payments like stablecoins.

This bill will empower the UK government with the ability to take hold of and repose crypto assets in the country. This new bill will also shield the buyers by ensuring the value of the stablecoins is supported by the primary stash. The end user’s fund will be protected if a stablecoin becomes bankrupt.

The UK doesn’t intend to lay back and watch as other Nations mark their territory in the crypto world, improve service delivery in the country, and lower costs using the stablecoins. Richard Fuller said that the government intends to achieve an advantage over other nations. He also stated that they intend to make the UK the best choice to start and escalate the crypto technologies.

The UK had well renowned for its banking sector, dating for hundreds of years. Experts do believe that crypto will find a home in the UK, making the country dominate the crypto world hence attracting individuals and companies that need to set base in the cryptocurrency world.

The UK is in the middle of world banking. It is believed that with the knowledge and expertise it has once channelled into the cryptocurrency world, the results will be great, and they will make the UK a pacesetter in the Crypto world. Cryptocurrency enthusiasts dare eagerly watch and anticipate great things from the UK government regarding cryptocurrency.

Wrap Up

In the UK, online retailers will be able to accept digital currency with the same ease as credit cards, which should do a lot to increase crypto-currency approval in the eyes of the public. It’s a win for merchants and consumers alike, but it does beg the question: is this what Bitcoin has been waiting for? Crypto-currency acceptance at brick-and-mortar locations may be a ways off still, but if these success stories in the UK are any indication, those doors may be opening soon.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.