The UK is considering issuing a national stablecoin

Andrew Griffith, economic secretary of the British Treasury, said that the authorities are seriously considering issuing a national stablecoin in England.

According to him, such an act could take a step towards the UK in the direction of the goal of becoming a cryptocurrency center. Griffith said that this idea came to the Treasury a long time ago and the employees have been thinking about implementing their idea for some time. Only after they could figure out how to implement it correctly did it make sense to announce such an event.

Major British broadcaster BBC reports that as a result, the official launch of the stablecoin, which will be backed by pounds sterling, is likely to take place earlier than previously expected.

If Andrew Griffith turns out to be right, then work on issuing a national stablecoin could begin in the coming weeks.

Despite the fact that many countries are already thinking about how to give a digital alternative to their residents, some regulators are still avoiding this issue. The reason is the desire to protect consumer rights.

2022 was a disastrous year for the cryptocurrency and lowered many to such bottoms that many did not expect to see them. In addition, some stablecoins have also taken a big hit and lost their dollar peg. However, Tether (USDT), USD Coin (USDC), CBDC, Binance USD (BUSD) and some others turned out to be the most persistent.

Griffith also specifically noted that the cryptocurrency industry needs regulation. In this moment, in his opinion, one should not be the very first, but the most correct, since the lack of regulation can lead to unpleasant consequences.

He believes that this is especially important for the UK, given its financial reputation. For this reason, regulators will have to carry out a long and painstaking work. Unlike the US Securities and Exchange Commission (SEC), UK regulators are not going to equate digital assets with conventional securities. The SEC, by the way, has repeatedly been accused of being lazy and unwilling to do the hard work to make the regulation of cryptocurrencies more correct.