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The HM Treasury announced Monday that it plans to formalize some stable cryptocurrencies as a “valid form” of payment in the United Kingdom, as part of a package of measures to make the country a global center for investment and the development of technologies linked to crypto-assets.
The British government believes that stable cryptocurrencies, digital assets whose value is linked to that of traditional currencies such as the dollar, can offer “efficient means of payment and widen consumer choice.”
The government also advanced in a statement that it will explore the possibility of using decentralized database technology, similar to that used by bitcoin and other cryptocurrencies, as a basis for improving the efficiency, transparency and resilience of financial markets in the UK.
In particular, it will assess the potential benefits of using such technologies within sovereign debt instruments.
The government will review the taxation associated with loans and other financial services using cryptocurrencies between individuals, known as Decentralized Finance (DeFi), among other measures.
The Economic Secretary to the Treasury, John Glen, stressed in a speech at FinTech Week in London that he aims to make the UK a hospitable place for cryptocurrencies, in order to attract investment, generate a multitude of jobs and create a wave of new innovative products and services.
