UK Treasury considers plan for digital pound.

The government is considering introducing a "digital pound", the economic secretary to the Treasury has told MPs.

The UK was committed to becoming a world of crypto hub, Andrew Griffith said.

Stablecoins are designed to have a predictable value linked to traditional currencies or assets such as gold.

The currency, for use by households and businesses, would sit alongside cash and bank deposits, rather than replacing them.

A public consultation on the attributes of a digital pound would be launched in coming weeks, Mr Griffith told the Treasury Select Committee.

The "crypto winter", a rapid decline in the value of Bitcoin and other assets has intensified concerns about whether any cryptocurrency can ever be considered stable.

In such a situation, the EU has set out the world's first comprehensive set of rules for regulating crypto markets.

They are due to receive final approval in the coming weeks and come into effect in 2024.

Source: www.bbc.com


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