![]() “The failure of a systemic firm could have a wide range of financial stability as well as consumer protection impacts,” the Treasury said. ![]() In it, the Treasury proposed new regulations to protect the holders of “stablecoins” such as UST, treating the digital currencies more like a bank than a payment service. The UK is already known for being at the forefront of innovation, but we need to go further.”īut the crypto collapse means that the most important project actually completed by the Treasury has been a very different look at the sector: a May 2022 consultation on managing the failure of cryptocurrencies. He described the plan as one “for a more open, greener, and more technologically advanced financial services sector. In his time as chancellor, Sunak positioned the UK government firmly behind cryptocurrencies, launching a taskforce in 2021 to investigate whether the Bank of England should create a “central bank digital currency”. The beauty of open-source software (especially Mint’s, which is engineered to be distro-agnostic) is that you can install (almost) anything wherever you like. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. Since then, a slow-motion crisis has embroiled the sector, with FTX, Celsius, Voyager and Genesis filing for bankruptcy alongside crypto-focused banks Silvergate and Signature and Binance, the leading crypto exchange, facing an investigation from US regulators. The Money App That Works For You Join 5 Million+ Members Get Control Over Your Subscriptions Stay On Top Of Your Spending Put Your Savings On Autopilot. The announcement of an NFT, from the then chancellor, Rishi Sunak, came just weeks before the bubble popped, and within a month, the Treasury was having to defend its plans in the face of a collapse in value of all cryptocurrencies after the failure of the Terra/UST “algorithmic stablecoin”. The Mint did not produce a visualisation of what the proposed non-fungible token would look like, or any technical explanation of how it would work, what it would offer users, and what blockchain infrastructure it would be built on. SettleMint gives developers the infrastructure and tools they need to quickly and easily build decentralized applications (dApps) and integrate them. There is little to show for almost 12 months of work. ![]() At the time, it said it “shows the forward-looking approach we are determined to take towards crypto assets in the UK”. In April 2022, the Treasury had asked the Mint to create the token. “This out-of-touch government should be focused on the cost of living crisis, not wasting time and taxpayers’ money on an NFT vanity project and promoting dodgy stablecoins.”
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