Ravencoin Stack
  • Home
  • Price Chart
  • Mining
  • Price
  • Wallets
  • Digital Art
  • NFT
    • Art
    • Beauty
    • Sports
    • Music
    • Fashion
    • NFT Events – Meetings
    • Trading cards
    • Learning
  • Exchanges
  • Books
Ravencoin Stack
  • Home
  • Price Chart
  • Mining
  • Price
  • Wallets
  • Digital Art
  • NFT
    • Art
    • Beauty
    • Sports
    • Music
    • Fashion
    • NFT Events – Meetings
    • Trading cards
    • Learning
  • Exchanges
  • Books
No Result
View All Result
RavencoinStack
No Result
View All Result
Metaverse Metaverse

UK Government exploring the introduction of cryptocoin and NFT linked to a stablecoin as a form of payment

April 4, 2022
in NFT

Summary

You might also like

Non-Fungible Tokens Explanation For Complete Beginners

The Top Five Benefits Of Ravencoin Non-Fungible Tokens

How Can A Professional Solo Singer Make Money From Ravencoin NFTs

The UK Chancellor of the Exchequer, Rishi Sunak has announce that he wants the UK to become a technology hub for Crypto Currency. This includes the introduction of a stable coin and NFT

The UK government has today announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment.

Stablecoins to be brought within regulation paving their way for use in the UK as a recognised form of payment.

Announcement part of a series of measures to make the UK a global hub for cryptoasset technology and investment.

Measures include legislating for a ‘financial market infrastructure sandbox’ to help firms innovate, an FCA-led ‘CryptoSprint’, working with the Royal Mint on an NFT, and an engagement group to work more closely with industry.

This is part of a package of measures to ensure the UK financial services sector remains at the cutting edge of technology, attracting investment and jobs and widening consumer choice. It includes:

1 Introducing a ‘financial market infrastructure sandbox’ to enable firms to experiment and innovate,

2 Establishing a Cryptoasset Engagement Group to work more closely with the industry,

3 Exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market,

4 Working with the Royal Mint on a Non-Fungible Token (NFT) this summer as an emblem of the forward-looking approach the UK is determined to take

Chancellor of the Exchequer, Rishi Sunak said:

It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.

We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.

This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.

Stablecoins are a form of cryptoasset that are typically pegged to a fiat currency such as the dollar and are intended to maintain a stable value. With appropriate regulation, they could provide a more efficient means of payment and widen consumer choice.

The government intends to legislate to bring stablecoins – where used as a means of payment – within the payments regulatory perimeter, creating conditions for stablecoins issuers and service providers to operate and invest in the UK.

By recognising the potential of this technology and regulating it now, the government can ensure financial stability and high regulatory standards so that these new technologies can ultimately be used both reliably and safely.

The UK’s vision for being a global hub for cryptoasset technology was set out in a speech by the Economic Secretary to the Treasury, John Glen at the Innovate Finance Global Summit today.

He also announced that the UK will proactively explore the potentially transformative benefits of Distributed Ledger Technology (DLT) in UK financial markets, which enables data to be synchronized and shared in a decentralised way to potentially achieve greater efficiency, transparency and resilience.

The government will legislate to establish a financial market infrastructure (FMI) ’Sandbox’ that will enable firms to experiment and innovate in providing the infrastructure services that underpin markets, in particular by enabling Distributed Ledger Technology to be tested. The government further confirmed that it will initiate a research programme to explore the feasibility and potential benefits of using DLT for sovereign debt instruments.

John Glen also confirmed that the government will consult on wider regulation of the cryptoasset sector later this year.

Other measures include:

The UK government will explore ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK. It will review how DeFi loans – where holders of cryptoassets lend them out for a return – are treated for tax purposes. The government will also consult on extending the scope of the Investment Manager Exemption to include cryptoassets.

The Chancellor has commissioned the Royal Mint to create a Non-Fungible Token this summer.

The Financial Conduct Authority will hold a two day ‘CryptoSprint’ in May with industry participants, seeking views directly from industry on key issues relating to the development of a future cryptoasset regime.

The Economic Secretary will establish and chair a Cryptoasset Engagement Group, convening key figures from the regulatory authorities and industry to advise the government on issues facing the cryptoasset sector.

In his Mansion House speech in July 2021, the Chancellor set out his vision for the future of the financial services sector, which included a plan to ensure that the UK remains at the forefront of technology and innovation. This was one of four key components of that vision, with the ultimate aim of building a financial services sector that continues to be one the rest of the world looks towards.

The government launched a consultation on cryptoassets and stablecoins last year and has today published its response setting out the next steps.

Source (Contains public sector information licensed under the Open Government Licence v3.0.)

Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party, and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high-risk, with high-risk and unproven projects.

Readers should do their own research and consult a professional financial advisor before making any investment decisions.

Tags: governmentreserve assetstablecoin

Recommended For You

Non-Fungible Tokens Explanation For Complete Beginners

by admin
January 21, 2023
0
Beginners guide

In the digital world, non-fungible tokens are revolutionizing how we think about ownership and value. A NFT is a unique digital item that can be bought, sold, and...

Read more

The Top Five Benefits Of Ravencoin Non-Fungible Tokens

by admin
January 19, 2023
0
Benifits in teh outline of a cloud

Ravencoin (RVN) is a blockchain-based platform for creating and transferring non-fungible tokens (NFTs), also referred to as unique digital assets. Virtual real estate, gaming items, and digital art...

Read more

How Can A Professional Solo Singer Make Money From Ravencoin NFTs

by admin
January 3, 2023
0
Drwaing of singer at microphone

The decentralized, open source Ravencoin blockchain platform permits the transfer of assets from one party to another, including securities and financial instruments. The Ravencoin blockchain is a convenient...

Read more

Decentralized Transactions With Ravencoin Tokenomics

by admin
October 5, 2022
0
Abstract image of blockchain

Ravencoin is a blockchain that facilitates the issuance of digital assets. It is similar to a normal share but is more flexible and secured. It also gives companies...

Read more

Chronoly Offer Fractionalised Timepiece Ownership NFT Marketplace for Rolex

by admin
September 19, 2022
0
Patek Philippe watch

Chronoly is changing the way that people can buy, sell, and invest in rare luxury watches. Chronoly is the world’s first 24/7 watch investment platform that is making...

Read more
Next Post
GamerHash screenshot

GamerHash makes it easy to mine coins using spare CPU capacity of a Gamer PC and earn Bitcoin

Ravencoin price

Ravencoin

Ravencoin

$0.01

RVN -2.57%

Related News

Footballer Safee Sali

Footballer auctions limited edition digital collectables with NFTs

June 29, 2022
Miami Herald supports local artists with NFT marketplace in 2022

Miami Herald supports local artists with NFT marketplace in 2022

April 8, 2022
Book cover: How to buy and sell NFTs

Book Review – The NFT Handbook How to Create, Sell and Buy Non-Fungible Tokens

July 19, 2022

Browse by Category

  • Art
  • Beauty
  • Books
  • Digital Art
  • Exchanges
  • Fashion
  • Learning
  • Mining
  • Music
  • NFT
  • NFT Events – Meetings
  • Price
  • Sports
  • Trading cards
  • Uncategorized
  • Wallets

Pages

  • Home
    • Contact Us
  • Privacy Policy
  • Ravencoin Price USD Chart Current and Archive
  • Terms and Conditions
  • Your download link

CATEGORIES

  • Art
  • Beauty
  • Books
  • Digital Art
  • Exchanges
  • Fashion
  • Learning
  • Mining
  • Music
  • NFT
  • NFT Events – Meetings
  • Price
  • Sports
  • Trading cards
  • Uncategorized
  • Wallets

BROWSE BY TAG

Art artist Beginner Charity Chris Brown Clinique collectable Collectible Community copymint Dapps Daz 3D digital assets Ethereum football Fraud Gamification Gen Z Hydra limited edition loyalty Makeup Marketplace Mining music NFT NFTH Nike only gems OpenSea open source phygital Portfolio prediction Price Proof of Stake QR Code rare Seaport Shopify tokengated trading cards WAX WEB3 Wine

© 2023 Ravencoin Stack

No Result
View All Result
  • Home
  • Ravencoin Price USD Chart Current and Archive
  • Mining
  • Price
  • Wallets
  • Digital Art
  • NFT
  • Exchanges
  • Books

© 2023 Ravencoin Stack

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?