The UK Treasury has just put forward a new plan to regulate the "stable currency" in the cryptocurrency field to better protect consumers holding relevant assets A few weeks ago, terrausd (UST) just experienced a devastating crash. The stable currency that should have been anchored to the US dollar triggered a great panic after decoupling, resulting in the fact that ust became almost worthless in the stampede, and the vast number of investors lost billions of dollars.
Access:
UK Treasury in document It says:
Since the initial commitment to regulate certain types of stable currencies, the event of encrypting the asset market has further highlighted the need for appropriate regulation to help investors mitigate the impact of risk factors such as market integrity and financial stability.
In the UK, for example, consumers can get due protection in the process of dealing with banks, insurance companies and payment enterprises. If the bank you choose to open an account goes bankrupt, at least 75000 pounds of savings assets will be protected.
For a long time, people have been warned that cryptocurrency has a high investment risk. Even so, some people blindly throw more or less huge amounts of money into this field.
If the wanton growth of the stable currency is finally regulated by the government, we can expect to see a similar situation, instead of repeating the story of investors losing their money caused by the UST crash in May.