Rishi Sunak to legalise 'stablecoins' despite cryptocurrency crash

Rishi Sunak to legalise 'stablecoins' despite cryptocurrency crash

The Treasury is pressing ahead with plans to legalise cryptocurrencies known as “stablecoins” as a form of payment in Britain, despite a market meltdown this week. The department said it would include plans to regulate stablecoins as a payment mechanism in financial legislation announced in the Queen’s Speech. It comes despite the collapse of Terra, one of the best known stablecoins, earlier this week. Cryptocurrency markets fell into chaos when Terra, whose value is supposed to be guaranteed at one dollar, lost more than 85pc of its value and led to a hasty sell-off in other cryptocurrencies. More than $300bn has been knocked off the total value of all cryptocurrencies in the last week with the market falling to a low not seen in over a year. Last month, John …
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