UK Finance Minister Nadhim Zahawi on Wednesday will be announcing support for using stablecoins for making payments under the long-awaited Financial Services and Markets Bill. The bill will help the country create a more competitive financial services sector post-Brexit.
UK Finance members believe crypto assets and stablecoins present huge potential in transforming the financial landscape and position of the country as a leader in digital finance.
The UK to Allow Stablecoin Use for Payments
UK Finance Minister Nadhim Zahawi will present the Financial Services and Markets Bill in the Parliament on July 20 to transform the UK financial services sector. He said:
“Consumers will remain protected, with legislation ensuring that victims of scams can be compensated while also acting to protect access to cash for the millions of people that rely on it.”
The bill will set standards for utilizing stablecoins for payments as crypto adoption rises in retail and other businesses. It will present a road map on the adoption of stablecoins, which could help drive crypto adoption in the UK.
