BlocksInform
The United Kingdom is reluctant to launch an e-book because it remains committed to becoming a cryptocurrency centre, a government official said. The UK authorities should also settle payments on a stable basis, the official said.
The UK is getting ready to start the consultation on digital currency book.
The executive in London intends to introduce a digital version of the national currency, Treasury Secretary Andrew Griffith told legislators, BBC reported. A public consultation on the features of an e-sterling will be launched in the next few weeks, he said, addressing the Special Parliamentary Treasury Committee. He was quoted by Reuters as saying:
The consultation will indicate that it is an "if" rather than a "when". We are not quite within the unavoidable.
An e-book raises many public policy questions and the government needs to 'do them well,' said Griffith. He said a government-backed coin could erode privacy, stressing that its design would not allow authorities to track individual transactions beyond criminal measures such as money laundering.
Griffith further elaborated that the first use case for a central bank digital currency (CBDC) issued by the Bank of England would likely be in wholesale settlements but admitted that a privately issued, fiat-backed stablecoin “would probably get there first.”
"I want us to put a system in place, and it's in the CGSF, The minister added that he referred to the proposed Financial Services and Markets Act, currently under discussion in the UK Parliament.
The United Kingdom has the ability to adopt broader crypto regulations. Than the EU
Andrew Griffith also revealed that another consultation will be initiated on the U.K.’s regulatory approach toward crypto assets in general. Whereas the EU has already adopted a set of global market rules that should enter into force by 2024, the minister stressed that the United Kingdom's regulation could be even wider and include decentralized finance.
We are looking for the right diet, functioned properly, He told committee members, but promised to hold multiple roundtable discussions with industry participants as part of the discussions.
Andrew Griffith's statements come after last year's fall in assessments of key cryptocurrencies like Bitcoin and the subsequent collapse of major market players like Crypto Exchange ftx. As part of a current crypto winter, consumer protection in space has been carefully examined, according to reports.
Is it your expectation that the U.K. will develop an e-book? Reflect on the topic in the comments section below.
