The UK authorities have just announced they intend to make major changes to the country's regulatory framework in order to include stablecoins as a full-fledged means of payment.
According to Treasury Secretary John Glen:
"If crypto technologies are going to be a big part of the future, then we in the UK want to be in, and in on the ground floor."
The agency has been exploring the possibilities of stablecoins for possible inclusion in the list of legal tender currencies for some time. In January 2021, the UK Treasury reportedly started actively consulting with various experts, universities and organizations to assess the prospect of digital assets from all sides.
According to the results of the study, Treasury Department analysts consider stablecoins as the "common means of payment of the future" among retail customers.
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As a result, the British authorities have not ruled out that this type of virtual money could soon be used by citizens to make small everyday purchases.
According to the statement:
"The plan to include stablecoins in our regulatory framework as a means of payment is just the first, smallest step towards the full adoption of digital assets. We have already developed a whole strategy for the gradual and secure introduction of cryptocurrencies and distributed records technology (ed. - Blockchain) into the life of the UK and its citizens."