UK Chancellor of the Exchequer Rishi Sunak discusses the nation’s research into a CBDC

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• Proposals are being drafted by the United Kingdom in order to regulate private stablecoins as they look to research for central-bank digital currencies as a potential alternative to Fiat cash currency.

• These upcoming regulation proposals were highlighted by the Treasury Chancellor Rishi Sunak who made the announcement earlier this week on the 9th of November. 

Proposals are being drafted by the Treasury department of the United Kingdom in order to regulate private stablecoins as they look to research for central-bank digital currencies as a potential alternative to Fiat cash currency.

These upcoming regulation proposals were highlighted by the Treasury Chancellor Rishi Sunak who made the announcement earlier this week on the 9th of November. This came alongside all the other goals for the country and its financial services industry.

“New technologies such as stablecoins – privately-issued digital currencies – could transform the way people store and exchange their money, making payments cheaper and faster.”

All of this comes on the back of the hectic week of negotiations between the UK and the European Union in regards to a post-Brexit trade deal. Sunak highlighted that he hopes for the financial services sector in the UK to lead the “global conversation on new technologies like stablecoins and central-bank digital currencies“. 

In the future, he said:

“We are starting a new chapter in the history of financial services and renewing the UK’s position as the world’s pre-eminent financial center [...] Our plans will ensure the UK moves forward as an open, attractive and well-regulated market.”

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