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Alongside its keenness to expand the use of crypto in its area and beyond, there is a growing interest in the United Kingdom now planning to create its stablecoin...
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an electronic currency called the pound, as reported by Andrew Griffith, an economic Secretary to the UK Treasury.
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This follows the country's determination to become the world's first cryptocurrency hub.
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The UK growing adoption of crypto and the introduction of a stablecoin is believed to be a move to increase the use of crypto across the region.
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Andrew Griffith stated that the UK government has long been considering the establishment of a “regime for the wholesale use, for payment purposes, of stablecoins.”
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According to BBC, the launch of the stablecoin backed by GBP in the United Kingdom could be earlier than anticipated.
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Griffith said to members of the Treasury Select Committee that public consultation on the characteristics of a digital currency would begin in the next weeks.
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While not all nations in the world have their stablecoins backed by currency, institutions like Central banks from across the continent are studying and experimenting with digital currencies.