[Blockchain Today Reporter Park Yohan] British Financial Services Minister John Glen has revealed that Spablecoin will be a major target for government cryptocurrency regulation, Cointelegraph reported.
According to reports, Glenn made the statement during a speech at a conference hosted by City & Financialo Global. In the case of Glenn, the UK government’s decision to prioritize stablecoins in regulating the scope of the financial market is the limited number of participants providing cryptocurrency payment services linked to fiat currencies, which led to the emergence of monopoly capital in the market. It is because of the concern that it will do it.
“The ability to extend and connect with existing online services has the potential for some companies to quickly gain an edge and overpower others,” Glenn said.
In fact, the minister’s arguments can also be found in several financial supervisors who oppose the Diem stablecoin project. Regulatory authorities in another country, initially called Libra, pointed out that Facebook’s global presence was a significant risk to sovereign monetary policy linked to the planned digital currency project.
DM has also attempted to avoid the impact of these regulations by making major changes to the project. However, DM has not yet obtained regulatory approvals required for the launch of the stablecoin.
Glenn’s commentary is the latest indicator of the UK government’s focus on stablecoins as part of an effort to encourage new fintech innovations amid its withdrawal from the European Union.
In November 2020, Finance Minister Rishi Sunak said Brexit had provided an inflection point for the UK’s financial services industry. At the time, Seonak said it would allow the state to keep pace with the development of the emerging digital economy by prioritizing new cutting-edge innovations such as central bank digital currencies and stablecoins.
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