Prince Charles recently spoke about various legislative policies and using stablecoins. It is the first time that the kingdom in England has come so close to the crypto-market, which for many fans of virtual commerce, the highest authority gives its blessing to the technology.
Prince Charles, who replaced Queen Elizabeth for health reasons, spoke about his legislation’s objectives and what projects he sought to present before the camera. He indicates that the country will be exposed to new laws by 2022, possibly including the crypto market.
Stablecoins seem prioritized by English royalty
By January 2021, the royal treasury would have launched a project to use stablecoins and cryptos, which included a panorama of crypto adoption throughout the country. More than a year after the announcements, the government agency continues with these ideals regardless of how strict the authority in Europe has been on the crypto market.
In April, the financial agent of HM Treasure, Glen John, said that the governorate in England would be creating a regulatory landscape based on stablecoins. But Rishi Sunak, who would be the minister in the treasury, admitted that the regulatory authority would allow companies in the country to stay united towards new technologies.
Crypto adoption by royalty comes at an uncertain time
While the proposal from the royals in England looks promising, it is also good to recognize this picture comes at an uncertain time for crypto trading. Both government agents launch their proposals when the crypto trade, especially stablecoins, shows an unbalanced graph. A few days ago, UST, which would be a major stablecoin, lost its parity with the US dollar, plummeting below 20 cents.
According to reports, the capitalization of the main cryptocurrencies fell to around $300,000M, showing a bearish pattern. This losing streak in the market could be caused by the regulations in the United Kingdom and the United States, although experts also maintain that the fall of the crypto would be linked to other things.
Stablecoins are a reasonable option within the crypto market. There are over 10 stable tokens where USDT or TetherUSD predominate as the best. These tokens have a 1:1 value with the US dollar, euro, or yen, which gives stability within the market.
Prince Charles’s views on stable tokens could create emphasis within the crypto market, which will help loosen regulatory laws in the country. However, there is no more extensive opinion about Prince Charles toward cryptocurrencies, which creates an uncertain environment. It is only time to wait for the royalty to pronounce itself before such crypto developments or, failing that, the HM Treasury.
Source: https://www.cryptopolitan.com/stablecoins-have-the-queens-approval/