UK Regulators Introduce Bill That Says Fiat-Backed Stablecoins Will Be Used As Payment Method

Stablecoins backed by fiat currencies will be considered as a form of payment as regulators in the United Kingdom introduce new rules governing its use to the country’s parliament on Wednesday.

One of the aims of the bill is to capitalize on the benefits of Brexit and restructure the financial services industry in the United Kingdom. The law is anticipated to assist the nation in developing a more competitive financial services sector post-Brexit.