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The United States and the United Kingdom are preparing to team up to regulate cryptocurrency

The United States and the United Kingdom are preparing to team up to regulate cryptocurrency

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Answer The United States and the United Kingdom are preparing to team up to regulate cryptocurrency

Recently, the UK Treasury hosted the regulatory pillar of the Financial Innovation Partnership with its US counterpart the US Treasury.

Both parties acknowledged the importance of teamwork to support secure innovation and enhance regulatory outcomes for digital assets across their jurisdictions.

Stable cryptocurrency regulation:

According to show Issued, the meeting was attended by top local regulators such as the SEC, CFTC and staff from the Bank of England and the Financial Conduct Authority (FCA), with a primary focus on the recent development of stablecoins and CBDCs.

The statement indicated that the committee laid the basis for future dialogues in this way.

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With crypto assets making headlines with a string of missteps amid the market crash, regulators are finding it urgent to develop cross-border efforts aimed at regulating the industry.

The statement explained:

Participants in the United Kingdom and the United States are also looking at future opportunities for further discussion of initiatives and broader regulatory considerations for crypto assets as their policies and regulatory agendas advance.

CBDC Digital Currencies:

In addition, the UK and US authorities have also updated their approach to digital central bank currencies, exchanging views on their policy research plans and exploring their technologies.

This was not surprising as a survey by the Bank for International Settlements (BIS) indicated that nine out of ten central banks are exploring how to launch digital currencies for their central banks.

Many central banks view the growing trend of adopting digital central bank currencies within the securities-based monetary system as an evolution of their respective roles rather than a revolution, according to Cecilia Skengsley, First Deputy Governor of the Swedish Central Bank.

She stated that the big challenge ahead of cross-border CBDC payments depends on interoperability because these digital currencies are designed and implemented by governments around the world.

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As a result, cooperative communications between countries prior to the launch of such currencies became necessary to ensure potential success.

Read also:

After the official adoption of Bitcoin, the Central African Republic launches a national digital currency called “Sango Coin”

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