Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

UK Reveals Plans to Legalize Stablecoins During the Queen’s Speech

Cryptocurrency May 16, 2022 09:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
UK Reveals Plans to Legalize Stablecoins During the Queen’s Speech

Prince Charles presented the idea of a crypto bill during the ‘Queen’s Speech‘. Prince Charles addressed the public in the Queen’s stead, citing health reasons. During the Queen’s annual address to the British Parliament, 38 new bills were introduced. The bills covered matters of education, infrastructure, health, and security. One of the bills was related to cryptocurrencies, the regulation of which is in demand due to their increased usage and operations throughout the country.

Prince Charles pointed out that the new cryptocurrency bill would be aimed at “tackling illicit finance, reducing financial crime and helping local businesses grow”.

A Brave Decision in Controversial Times

The decision to adopt stablecoins as legal tender comes just days after the dramatic crash of LUNA and UST, which led to utter turmoil in the crypto world and raised significant concern among specialists. However, the UK Treasury has a vision of “always being at the forefront of technology and innovation,” claims Chancellor of the Exchequer Rishi Sunak.

Nonetheless, the UK treasury does not plan to adopt algorithmic stablecoins such as UST as legal tender, preferring instead to operate using stablecoins that are fully backed with a 1:1 ratio, such as USD Coin (USDC) and Tether (USDT).

The proposed legislation aims to provide local businesses with new growth opportunities and financial stability, while also ensuring that the newest financial technologies are successfully integrated into the country’s everyday life. The topic of the recent stablecoin crash was also tackled as part of the discussion. A spokesperson for the UK Treasury distanced the new bill from algorithm-based cryptocurrencies, such as the notorious LUNA and UST, saying: “The government has been clear that certain stablecoins are not suitable for payment purposes as they share characteristics with unbacked crypto assets.”

NFTs Recognized as Valuable Property by UK Court

This regulatory move from the UK Government comes just weeks after a UK Court ruled that NFTs (non-fungible tokens) are recognized as private property. Lavinia D. Osbourne, CEO of Women in Blockchain Talks, accused hackers of stealing two ‘Boss Beauties’ NFTs—numbers 680 and 691. The High Court ruled that NFTs are personal property, and therefore protected by law. The Court hence requested that OpenSea disclose information relating to two account holders in possession of the stolen digital goods, after which an injunction to freeze the assets on OpenSea’s host network was swiftly initiated.

The ruling was made during court case held in the High Court of Justice in London (which is similar to the US Supreme Court). Indeed, the UK’s, and indeed the world’s Web 3.0 community has a lot to celebrate, as the landmark case marked the first time a High Court recognized NFTs as private property in an official capacity. Nevertheless, it is yet unclear how the ruling will affect Britain’s legal crypto framework.

Continue reading on DailyCoin

UK Reveals Plans to Legalize Stablecoins During the Queen’s Speech
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
William Bailey
William Bailey May 16, 2022 9:19AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yep! The queen of Holland endorsed Tulips as a currency in the 1600s …. This is hype and anyone can introduce a bill and make false claims
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email