Despite a plummet in the crypto market stocks last week, the UK seems bent on forwarding plans to regulate stablecoins.
The movement continued after terrausd went below USD, and terra (LUNA) fell nearly to zero.
A spokesman of the British Treasury Department stated that if this legislation is going to pass, it will open a new market for crypto service providers while keeping financial stability as the priority.
In a recent royal speech, Prince Charles announced legislative regulations to come. Within two of the coming bills mentioning cryptocurrency specifically.
Plans are to make the UK a hub for cryptocurrency and make a hospitable ecosystem for it. The main takeaway from the plan is the prospect of the UK government working with Royal Minting to create a completely new NFT this summer.
Bringing up Terrausd as an example of an algorithmic stablecoin, the Treasury believes that including other algorithmic stablecoin would be a mistake and a burden to the economy.
