UK Treasury en route to legalizing stablecoins amid Terra's UST crash
Cointelegraph
Published May 16, 2022 04:18AM ET
Updated May 16, 2022 06:00AM ET
United Kingdom’s Department of Treasury, or Her Majesty's Treasury, has reportedly decided to go ahead with regulating stablecoins as legal tender. While welcomed by the crypto community, the decision comes as a shocker due to its proximity to the recent fall of one of the most popular algorithmic stablecoin, TerraUSD (UST).
A local report from The Telegraph highlighted the Treasury’s intent to regulate stablecoins across Britain, which was revealed during the Queen’s Speech. During the speech, Prince Charles announced the introductions of new legislation across various sectors, including measures to drive economic growth to improve living standards in the region, adding:
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Written By: Cointelegraph
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