Representatives of the new Cabinet of Ministers of the United Kingdom confirmed that the promise made by the previous government to turn the country into a cryptocurrency center will be fulfilled.
The new UK government, formed by Prime Minister Liz Truss, has promised to use all the opportunities associated with cryptocurrencies. The bill on financial services and markets passed the second reading in Parliament this week and will be studied again by the relevant committee. The bill is intended to help regulators manage cryptocurrencies used for payments, such as stablecoins.
Liz Truss's position was commented on by her personal secretary Alexander Stafford, who said that the Prime Minister confirmed her commitment to cryptocurrencies and agreed to support the use of cryptocurrencies and blockchain technology, including customs, international trade and storage of medical records.
The Minister of Finance for Economic Affairs, Richard Fuller, also confirmed the position of the new UK administration in support of cryptocurrencies, saying that the government wants the country to become the "dominant global center of crypto technologies.
For the first time, the then Chancellor of the Treasury Rishi Sunak announced a plan of legislative initiatives that would make the UK "a leader in the field of cryptocurrency technologies and innovations" in May. According to him, the British Ministry of Finance is developing a regulatory framework for digital currencies that would encourage the conduct of crypto business and provide the financial services industry with a leading position in the technology and innovation industries.
