Crypto Update 6/1/22 |No, the UK Is Not Going to Make USDC and USDT Legal Tender
Markets Outlook
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Legal Tender - The Bank of England Says No
Legal tender laws date from a time when people could be imprisoned for failing to pay their debts if creditors didn't like the coin they offered. The vast majority of debts are settled without legal tender, so there's no urgency to update the laws. Money doesn't have to be a legal tender to be used for mainstream payments - it just needs to be widely accepted. Using regulated stable coins for mainstream payments could break the bank strangle hold on the u ks Payment system and potentially improve financial inclusion. But which stable coins would qualify? Well, us d t and us d c wouldn't. If uk Regulators favored stable coins issued by circle and tether overstable coins issued by uk
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