UK will reconsider attitudes towards cryptoindustry
Against the backdrop of uncompromisingly growing price tags of the largest cryptocurrencies and the general development of the market, serious countries are starting to revalue digital currencies. For example, today it became known that the UK intends to take a fresh look at the assets of the new generation. News came from the UK Treasury. Experts intend to fully recognize the cryptoindustry and begin to consider it on a par with traditional economic manifestations. Next, we will take a closer look at this news, identify its impact on the present and future of the blockchain world. So let’s get started.
Context
First, about what’s going on. First, we note that the UK is the largest economic player, whose actions and intentions are listened to, trusted and followed. Therefore, the solution below is much more important than it sounds. Actually, the specialists of the relevant department, taking into account the current situation in the digital market, intend to radically reconsider the attitude towards cryptocurrencies. Legalization of stablecoins is currently being considered. Yes, these are not digital assets in the full sense of this term. But this is already the largest step towards the recognition of the blockchain industry at the state level. According to British experts, the nature of stablecoins and traditional foreign exchange assets is almost identical. Experts believe that stablecoins carry the same risks and have the same benefits as the euro, dollar or yen. Thus, experts conclude that there is a need for lawful, careful regulation of stablecoins.
Based on the words of representatives of the British Ministry of Finance, the plans are to use a flexible, modern approach to regulation. With their indulgences and severity. In general, a serious program of support and legalization of stablecoins is being prepared throughout the UK. The measures taken will affect mainly economic giants that actively use tokens and other manifestations of digital assets. However, note that the solution does not apply to coins based on separate algorithms. In particular, we are not talking about supporting security tokens, as well as assets like DAI, which is used by Maker. Under the new program, large digital currency companies will have to register their own digital currencies. Skeptics believe this is a serious blow to the freedoms of the cryptoindustry. But we think a little differently.
Why should the actions of UK be judged exclusively positively?
This is one of the stages of digital asset adoption. And it is quite possible that this stage can be called a key one. When the largest European states openly discuss digital currencies and think about how to legalize coins, this is the first step towards the integration of coins at the state level. Of course, at first, due to ignorance and misunderstanding of some of the features, rash actions are possible. We do not rule out the possibility of initial harassment. But they will necessarily be followed by a reassessment of the advantages and disadvantages of the currency. Experts will understand that stablecoins (and behind them traditional cryptocurrencies) can and should be used within entire states.
These are truly great events that are already starting in the UK today. The actions of this country will be looked at by both the former neighbors in the European Union and the eastern countries. It is quite possible to consider similar proposals in American latitudes. The final decision is scheduled for March 21, 2021. Until then, experts will consider and in every possible way consider even the most daring proposals. We just have to wait. To stay up to date with all the news of the cryptoindustry, stay tuned to our news feed. We regularly publish interesting, relevant and useful material. Thanks for attention. Good luck!
