During the recent Queen’s Speech, Prince Charles proposed a crypto bill. Prince Charles spoke to the public in the Queen’s absence, citing health concerns. 38 new measures were presented during the Queen’s annual speech to the British Parliament. The legislation addressed issues such as education, infrastructure, health, and security. One of the proposals deals with cryptocurrencies, the regulation of which is in high demand owing to their expanding use and activities throughout the nation.
The new cryptocurrency law, according to Prince Charles, would be targeted at “tackling illegal financing, curbing financial crime, and supporting local businesses in developing.”
The decision to accept stablecoins as legal tender comes only days after the massive crashes of LUNA and UST, which caused complete chaos in the crypto world and sparked widespread concern among experts. However, Chancellor of the Exchequer Rishi Sunak states that the UK Treasury has a goal of “always being at the forefront of technology and innovation.”
Nonetheless, the UK Treasury does not intend to use algorithmic stablecoins like UST as legal currency, preferring to use stablecoins that are fully backed with a 1:1 ratio, such as USD Coin (USDC) and Tether (USDT).
The proposed legislation intends to give new development opportunities and financial stability to local enterprises while also guaranteeing that the latest financial technologies are effectively integrated into the country’s everyday life. The recent stablecoin fall was also brought up throughout the discussion. The UK Treasury’s spokesman differentiated the new measure from algorithm-based cryptocurrencies like the infamous LUNA and UST, adding, “The government has been clear that some stablecoins are not suited for payment purposes since they share features with unbacked crypto assets.”
