Member

The UK has been very slow to decide on how to respond to the reality of digital currency—dangerously slow, in my opinion. We now risk equivalence decisions being made to suit broad policy goals that will drag down the UK financial system. The Minister said that there is an impact on aligning rules in the UK with firms overseas—I become quite troubled by that—through the process that seems to be described here. I wonder to what extent the Government actually look at equivalence decisions—perhaps most especially for dollar stablecoin, because it has huge implications for UK monetary sovereignty. Dollar stablecoin is not the same as dealing with the current Eurodollar system, which has, in essence, escaped US jurisdiction. Dollar stablecoin is very much within the purview of the US Government, who are perfectly capable of using it for political purposes, not just in order to provide economic efficiency.