The government is being asked by the Crypto and Digital Assets All Parliamentary Group (APPG) to enact legislation for the financial use of cryptocurrencies quickly and to designate a specific officer to manage the initiative. The government of Prime Minister Rishi Sunak recently concluded a consultation in which it suggested that the U.K. regulate cryptocurrency by including it in the scope of the rules already in place for financial services. A lobbying organization connected to the APPG called CryptoUK wants the U.K. to have specific cryptocurrency legislation in place within a year. According to a study by British legislators, the government should adopt a coordinated strategy across all departments and agencies that will be touched by the rise of cryptocurrencies, digital assets, and blockchain technology. Aside from that, it advised U.K. regulators to consider the environmental effects of cryptocurrencies, make sure stablecoins are backed by high-quality assets, and establish specialized units for digital assets. A central bank digital currency should be investigated, as well as concerns like banks restricting dealings with cryptocurrency firms, threats to financial stability, and economic crime associated with cryptocurrencies.
According to a Bloomberg report on Monday, JP Morgan is partnering with six Indian banks in order to resolve interbank dollar transactions on its blockchain-based trading platform, Onyx. In the upcoming months, the investment bank will work with HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPM’s own banking department in Gujurat, India, to conduct a trial project. The initiative, which officially launches today, aims to settle dollar deals in real time around-the-clock rather than over the course of several days and just during the working week.