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UK to Focus Regulation on Stablecoins Rather Than Crypto in General: Report
“We believe the case for intervention in the wider cryptocurrency markets is less immediately pressing,” Economic Secretary to the Treasury John Glen said Tuesday.
The U.K. will focus on regulating stablecoins rather than cryptocurrency in general, according to statements made by a treasury minister, Reuters has reported.
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- Speaking at a City & Financial conference Tuesday, Economic Secretary to the Treasury John Glen said stablecoins could pose a threat to competition.
- “There is the potential for some firms to swiftly achieve dominance and crowd out other players, due to their ability to scale and plug into existing online services,” Glen said.
- It is likely he was referring to a stablecoin like diem. Announced by Facebook in June 2019 as libra, the proposal was met with widespread concern from governments and central banks.
- The U.K. Treasury released a consultation paper in January to gather feedback on the government’s approach to regulating stablecoins and other cryptocurrencies.
Read more: UK Treasury Calls for Feedback on Approach to Cryptocurrency and Stablecoin Regulation
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
需要了解的:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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