The UK’s Economic Secretary to the Treasury, Andrew Griffith, announced plans to launch a stablecoin in the near future.

The stablecoin is intended to be used for wholesale settlements between banks and is part of the UK’s efforts to become a global crypto hub.

The Financial Services and Markets Bill, which is expected to be ready by Easter, will give the Financial Conduct Authority the authority to regulate the cryptocurrency industry, including the stablecoin.

Additionally, the UK government is also planning to launch a Central Bank Digital Currency, which will be used initially for wholesale transactions and will be managed by banks and designed to protect individual’s privacy by anonymizing transaction data and intermediating the platform.