The UK plans to introduce stablecoin regulations in the coming months, according to Dante Disparte, chief strategy officer and head of global policy at stablecoin issuer Circle.
Speaking about the outlook in an interview in London, Disparte believes the country will soon establish formal guidelines for stablecoins, as reported by CNBC’s Ryan Braun. A stablecoin is a virtual currency that maintains a stable value by pegging it to a legal currency such as the US dollar or dollar. British pound.
Disparte highlighted that the slow pace of implementation of UK crypto laws may have been an advantage, citing events in 2022 such as the collapse of FTX, once a prominent crypto exchange. . He suggested that the UK’s decision to delay regulation had helped avoid some of the market turmoil experienced over the past few years.
But Disparte also pointed to the urgent need to formalize stablecoin regulation and other crypto-related rules, warning that without dedicated legislation, the UK risks missing out on the benefits the technology brings. did. He noted that the country needs to catch up with regions such as the European Union, which has already started regulating stablecoins under the MiCA framework, and Singapore, which has also established formal stablecoin regulation. did.
Mr. Disparte highlighted the potential benefits of stablecoin technology, including advancements in wholesale banking, real-time payments, and the digital transformation of the British pound. He said he had recently met with officials from the Bank of England, who are considering the idea of launching a central bank digital currency (CBDC). The possibility of this digital version of the pound, also known as ‘Britcoin’, is part of an ongoing debate about the future of money in the UK.
Featured image via Pixabay
