CryptoQuestion

The government is considering introducing a national cryptocurrency or "digital pound", the economic secretary to the Treasury has told MPs.

A public consultation on the attributes of a digital pound would be launched in coming weeks, Mr Griffith told the Treasury Select Committee.

"I want to see us establish a regime, and this is within the FSMB [Financial Services and Markets Bill, currently being debated in Parliament], for the wholesale use for payment purposes of stablecoins," he said.

The EU has set out the world's first comprehensive set of rules for regulating crypto markets.

They are due to receive final approval in the coming weeks and come into effect in 2024.

Mr Griffith said the UK rules could be broader, to include decentralised finance, and everyone would benefit from greater transparency.