Bitcoin up and Ethereum up; Britain to exploit virtual assets’ potential — Crypto Moves

Bitcoin, the topmost cryptocurrency internationally, traded higher on Tuesday, up by 1.13 percent to $46,738.95 as of 9:00 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,520.68, up by 0.39 percent, according to data from Coindesk.

Britain formulates plan to exploit crypto potential

Britain set out a detailed plan on Monday to use the potential of crypto-assets and their underlying blockchain technology to help consumers make payments more efficiently.

As part of creating a global crypto-asset hub, John Glen, the country’s financial services minister said Britain would legislate to bring some stablecoins under the regulatory net, such as complying with existing payment rules.

Stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies or a commodity such as gold to avoid the volatility that makes bitcoin and other digital tokens impractical for most commerce.

The government said that all stablecoins that reference a fiat currency should be regulated.

“The approach will ensure convertibility into fiat currency, at par, and on-demand,” the finance ministry said. 

The ministry added that the Bank of England would regulate “systemic” stablecoins.

UK FM asks Royal Mint to create NFT

British Finance Minister Rishi Sunak has asked Royal Mint to create a non-fungible token to be issued by the summer, the Treasury said on Monday, adding it was part of its forward-looking approach toward crypto-assets.

An NFT is a digital asset on a blockchain, a record of transactions kept on networked computers.