Followers of the crypto industry with an interest in the UK may recall positive messages emanating from the British authorities throughout 2023. According to Prime Minister Rishi Sunak, speaking at a London launch event for the heavily crypto-invested VC firm Andreesen Horowitz earlier this year, his intent was to “turn the UK into the world’s Web3 center”.
This came around a year after the British Government–while Sunak was still Chancellor of the Exchequer–published plans “to make Britain a global hub for cryptoasset technology and investment.”
What’s more, the Bank of England recently published lengthy regulatory proposals aimed at safely enabling “systemic payment systems using stablecoins and related service providers”, and stating that, “stablecoins have the potential to be used by many people in the UK for everyday payments. Regulation lays the groundwork for safe and sustainable innovation in money and payments.”
Total Stablecoin Supply
Two Very Different Stories
With senior politicians on board and the Bank of England recognizing the disruptive…
