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UK Reveals Plans to Legalize Stablecoins During the Queen’s Speech -Breaking

by Mike Robinson

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UK Reveals Plans to Legalize Stablecoins During the Queen’s Speech

Prince Charles presented the idea of a crypto bill during the ‘Queen’s Speech‘. Prince Charles addressed the public in the Queen’s stead, citing health reasons. During the Queen’s annual address to the British Parliament, 38 new bills were introduced. These bills dealt with education, security, health and infrastructure. The regulation of cryptocurrencies is highly in demand because of their increasing use and operation throughout the country.

Prince Charles pointed out that the new cryptocurrency bill would be aimed at “tackling illicit finance, reducing financial crime and helping local businesses grow”.

One Brave Decision in Controversial Time

Just days following the dramatic crashes of LUNA/UST that caused utter chaos in crypto-world, the UK Treasury has decided to make stablecoins legal tender. This decision was highly anticipated by experts. However, the UK Treasury has a vision of “always being at the forefront of technology and innovation,” claims Chancellor of the Exchequer Rishi Sunak.

The UK Treasury does not intend to use algorithmic stablecoins like UST for legal tender. Instead, it prefers to use stablecoins fully backed by a 1:1 ratio such as (USDC), and (USDT).

The proposed legislation aims to provide local businesses with new growth opportunities and financial stability, while also ensuring that the newest financial technologies are successfully integrated into the country’s everyday life. The discussion also included the issue of the recent stability coin crash. A spokesperson for the UK Treasury distanced the new bill from algorithm-based cryptocurrencies, such as the notorious LUNA and UST, saying: “The government has been clear that certain stablecoins are not suitable for payment purposes as they share characteristics with unbacked crypto assets.”

UK Court recognizes NFTs As Valuable Property

The UK Government’s regulatory action comes only weeks after the UK Court declared that NFTs (nonfungible tokens), are private property. Lavinia D. Osbourne, CEO of Women in Blockchain Talks, accused hackers of stealing two ‘Boss Beauties’ NFTs—numbers 680 and 691. NFTs, which are considered personal property by the High Court, were therefore protected under law. The Court hence requested that OpenSea disclose information relating to two account holders in possession of the stolen digital goods, after which an injunction to freeze the assets on OpenSea’s host network was swiftly initiated.

It was decided during a London court case in which the High Court of Justice, which is similar to US Supreme Court, made the ruling. Indeed, the UK’s, and indeed the world’s Web 3.0 community has a lot to celebrate, as the landmark case marked the first time a High Court recognized NFTs as private property in an official capacity. Nevertheless, it is yet unclear how the ruling will affect Britain’s legal crypto framework.

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