(asked on 29th March 2022) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the benefits of stablecoins, including as an efficient means of payment.

Answered by
Baroness Penn Portrait
Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
This question was answered on 5th April 2022

On April 4, the government confirmed its intention to legislate, when Parliamentary time allows, to bring certain stablecoins within the regulatory perimeter for payments. It will achieve this primarily by amending the existing e-money and payments regulatory frameworks.

The government’s proposed approach focusses on stablecoins in the near term, given their potential use as a widespread means of payment. The proposed legislative changes will create the conditions for stablecoin issuers and service providers to operate and grow in the UK. For consumers, bringing stablecoins used for payments into the regulatory framework means they will be able to use stablecoin services with confidence.

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