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In early April, during Fintech Week 2022, John Glen, who serves as Economic Secretary to the Treasury for the United Kingdom, addressed the Innovate Finance Global Summit. In his talk, Mr. Glen highlighted that “the U.K. is open for business – open for crypto businesses.” Towards providing evidence, Mr. Glen highlighted that preferred and favored stablecoins will be brought into the UK Treasury’s payments framework. As a result, they will become a magnet for stablecoin issuers as well as service providers, as both will know their coins will be acceptable and accepted. By accepting payments, businesses will be able to accept and pay with the supported stablecoins, thereby creating a positive feedback cycle.
To further UK crypto development, Mr. Glen announced, to an astonished crowd, that the Chancellor of the UK Treasury has asked the Royal Mint to create a non-fungible token (NFT) to be issued by this summer – a symbol of the forward-looking approach the UK Treasury is taking in regards to crypto.
Read the full speech here.