Following US moves, UK looks to regulate crypto, create government token

• Published in: Computerworld.com
• Main Author: Lucas Mearian
• Format: Newspaper Article
• Language: English
• Published: Framingham Foundry 07.04.2022
• Subjects: American dollar; Bank technology; Blockchain; Central banks; Cryptography; Currency; Digital currencies; Money laundering; Peer to peer computing; Regulation of financial institutions; Regulations; Regulatory agencies; United Kingdom > UK; United States > US; China; Russia

[...]there are three kinds of digital currency: * Cryptocurrencies, such as bitcoin and Ethereum, created and traded on blockchain distributed ledger technology (DLT); * Stablecoin, such as Tether and USD Coin, backed by fiat currencies like the US dollar; * Central Bank Digital Currency (CBDC), or fiat currencies issued by central banks in digital form and are not categorized as cryptocurrency. According to the US-based think tank the Atlantic Council, among the nations with the four largest central banks, the UK is ahead of the US in creating standards and regulations around crypto. “Regulatory agencies have different views on cryptocurrencies.” Since January 2020, crypto-asset firms operating in the UK have been subject to Money Laundering Regulations, and the country recently consulted on implementing the Financial Action Task Force’s Travel Rule for transfers of crypto-assets, according to Glen.