{"id":24000,"date":"2023-01-13T09:26:39","date_gmt":"2023-01-13T09:26:39","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/uk-treasury-considers-plan-for-digital-pound"},"modified":"2023-01-13T09:47:08","modified_gmt":"2023-01-13T09:47:08","slug":"uk-treasury-considers-plan-for-digital-pound","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/uk-treasury-considers-plan-for-digital-pound","title":{"rendered":"UK Treasury considers plan for digital pound"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>The government is considering introducing a \u201cdigital pound\u201d, the economic secretary to the Treasury has told MPs. The UK was committed to becoming a world crypto hub, Andrew Griffith said.<\/p>\n

And the government was \u201ca long way down the road. . . to establish a regime for the wholesale use, for payment purposes, of stablecoins\u201d. Stablecoins are designed to have a predictable value linked to traditional currencies or assets such as gold.<\/p>\n

The currency, for use by households and businesses, would sit alongside cash and bank deposits, rather than replacing them. \u2018Game-changing technology\u2019 A public consultation on the attributes of a digital pound would be launched in coming weeks, Mr Griffith told the Treasury Select Committee.<\/p>\n

\u201cI want to see us establish a regime, and this is within the FSMB [Financial Services and Markets Bill, currently being debated in Parliament], for the wholesale use for payment purposes of stablecoins,\u201d he said.<\/p>\n

Central banks around the world are developing or exploring digital currencies. China, for example, is a front-runner in this global race, and is in the process of testing a digital yuan in major cities including Beijing, Shanghai and Shenzhen.<\/p>\n

The European Central Bank in July 2021 took a first step towards launching a digital version of the euro, kicking off a 24-month investigation phase to be followed by three years of implementation.<\/p>\n

And Mr Griffith told the committee: \u201cIt is right to look to seek to embrace potentially disruptive technologies, particularly when we have such a strong fintech and financial sector.
\nHe wanted to allow the opportunity for this \u201cpotentially disruptive game-changing technology that can challenge but also turbocharge all of those [financial] industries\u201d, he said.<\/p>\n

Consumer protection The \u201ccrypto winter\u201d, a rapid decline in the value of Bitcoin and other assets has intensified concerns about whether any cryptocurrency can ever be considered stable.<\/p>\n

It also has the potential to raise many public-policy issues. There will also be a public consultation on Britain\u2019s first general regulatory approach to crypto assets, a sector where consumer protection has come under scrutiny in recent weeks.<\/p>\n

But the consultation will form part of a \u201cresearch and exploration\u201d phase and will help both the Bank of England and the government develop the plans over the following few years.<\/p>\n

When it came to regulating crypto, Mr Griffith told the committee, being right was more important than being first, given the UK\u2019s \u201cstrong financial reputation\u201d.<\/p>\n

\u201cIt will be a long lead-time activity,\u201d he said.<\/p>\n

\u2018Right balances\u2019 The EU has set out the world\u2019s 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.<\/p>\n

Mr Griffith said the UK rules could be broader, to include decentralised finance, and everyone would benefit from greater transparency. \u201cWe want the right regime, operated in the right way, that has the right balances in it,\u201d he told the committee. He also committed to hold \u201cat least\u201d six roundtables with those in the crypto industry, to \u201cexpose us as regulators and decision makers\u201d.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. The government is considering introducing a \u201cdigital pound\u201d, the economic secretary to the Treasury has told MPs. The UK was committed to becoming a world crypto hub, Andrew Griffith said. And the government was \u201ca long way down the road. . . to establish a regime for the wholesale use, for payment […]<\/p>\n","protected":false},"author":84,"featured_media":23999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,246,1444,245],"class_list":["post-24000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-lesotho","tag-bitcoin","tag-lesotho"],"yoast_head":"\nUK Treasury considers plan for digital pound - Lesotho<\/title>\n<meta name=\"description\" content=\"The government is considering introducing a \u201cdigital pound\u201d, the economic secretary to the Treasury has told MPs. 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