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UK to Focus Regulation on Stablecoins Rather Than Crypto in General: Report
“We believe the case for intervention in the wider cryptocurrency markets is less immediately pressing,” Economic Secretary to the Treasury John Glen said Tuesday.
The U.K. will focus on regulating stablecoins rather than cryptocurrency in general, according to statements made by a treasury minister, Reuters has reported.
STORY CONTINUES BELOW
- Speaking at a City & Financial conference Tuesday, Economic Secretary to the Treasury John Glen said stablecoins could pose a threat to competition.
- “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 said.
- It is likely he was referring to a stablecoin like diem. Announced by Facebook in June 2019 as libra, the proposal was met with widespread concern from governments and central banks.
- The U.K. Treasury released a consultation paper in January to gather feedback on the government’s approach to regulating stablecoins and other cryptocurrencies.
Read more: UK Treasury Calls for Feedback on Approach to Cryptocurrency and Stablecoin Regulation
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
