UK chancellor names CBDC on list of financial reforms for Treasury
“While I believe in the power of new technology, we also need to manage its impact on our economy and society,” said Rishi Sunak. Rishi Sunak, chancellor of the Exchequer for the United Kingdom, has included cryptocurrencies and stablecoins on the list of financial reforms the government plans to undertake in the next few years.Speaking to lawmakers at the Lord Mayor of London’s residence on Thursday, the chancellor said the U.K. government would be implementing recommendations to establish the country as a center of fintech innovation and business. Though Sunak said the U.K. would be....
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The United Kingdom has announced forthcoming regulatory proposals for stablecoins and ongoing research into CBDC. The Treasury Department of the United Kingdom has revealed it is drafting proposals to regulate private stablecoins, while also researching central bank digital currencies (CBDC) as an alternative to cash.In an announcement published on Nov. 9, U.K. Treasury Chancellor Rishi Sunak noted the forthcoming regulatory proposals alongside other goals for the country’s financial services industry — including a review of the U.K.’s listings regime and support for green finance.“New....
The budget is one of the most important days on the UK political calendar as the Chancellor declares new taxation rules, new financial measures to help grow the economy and sets the public spending levels. It is often held in March and is closely watched due to its potential to affect the wealth of millions of individuals and businesses. A spokesman for the UK Treasury revealed for CCN that a study was being undertaken, led by the Treasury working together with different government agencies, on Bitcoin's potential for innovation on financial commerce and Bitcoin's potential risk. The study....
UK Chancellor George Osborne who has previously declared his intention to explore digital currencies like Bitcoin has now reiterated his stance during a recent conference in London. The UK's Chancellor of the Exchequer, George Osborne spoke about digital currencies at the Bank of England's Open Forum conference. The Chancellor reiterated the UK Treasury's recent stance of welcoming Fintech investment and opening the doors for the UK to be a major destination for new financial technology. As reported by The Financial Times, Osborne said: I want the U. K. to be the global center of fintech.....
The United Kingdom is the latest country to begin exploring the possibility of creating a central bank digital currency. Her Majesty’s Treasury and the Bank of England have begun preliminary central bank digital currency studies that could result in the creation of a national digital currency.In a document published by HM Treasury, the exchequer announced the creation of a CBDC taskforce in collaboration with the U.K.’s central bank.Jon Cunliffe, deputy governor of the Bank of England and Katharine Braddick, director general of financial services at HM Treasury will co-chair the task....
In his resignation letter, Economic Secretary to the Treasury John Glen said that “vital reforms" to the country’s financial services were ready to be presented to Parliament. Many officials responsible for regulating the United Kingdom’s financial system have resigned following allegations Prime Minister Boris Johnson exercised “poor judgement” in appointing a member of the government. In a letter to Johnson posted to Twitter on Wednesday, Economic Secretary to the Treasury John Glen said his decision to resign was prompted by “recent events concerning the handling of the appointment of....