Britain Financial News

Fintech firm blackfridge has launched a new stablecoin that is fully backed by the British pound (GBP), potentially opening the door to wider adoption of digital assets in the United Kingdom and its Crown Dependencies. 

Alexander Tziamalis, Senior Lecturer in Economics, Sheffield Hallam University, and Yuan Wang, Senior Lecturer in Economics, Sheffield Hallam University.____ 

The United Kingdom’s Financial Conduct Authority (FCA) has announced Hong Kong's CEO of Securities and Futures Commission of Hong Kong as its new Chair, with the scheduled projection for his term to commence in January 2023.

Backed by investment from Gate Ventures and FunFair Ventures, blackfridge has been established to exploit rising demand for digital asstes in the decentralised economy.The firm is regulated and licensed by the Isle of Man Financial Services Authority, and is required to hold GBP equal to the value of the tokens issued at all times. To ensure further peace of mind for users who may be jumpy at the idea of using a stablecoin following recent travails, KPMG has been engaged to provide a monthly proof of reserve attestations which will confirm that all tokens issued are 100% backed.Nicholas Maybin, COO of poundtoken, says: “Many are aware that the crypto market can be unpredictable, so when trading a stablecoin it’s vital to know that you will always be able to take out what you put in.

Bank of England (BoE) deputy governor for financial stability, Jon Cunliffe, recommended forming a set of regulations — similar to conventional financial systems — to tackle risks within the crypto ecosystem while improving investor confidence. 

David Wighton is a columnist for Financial News

UK think tank calls for global digital currency rules

As Uber aggressively pushed into markets around the world, the ride-hailing service lobbied top political leaders including France's Emmanuel Macron to relax labour and taxi laws, according to a global media investigation into thousands of leaked files.

Crypto exchange OKX has announced that it has made a deal with English Premier League (EPL) champions Manchester City to become the team’s training kit sponsor for the 2022-23 season.

The U.K. is in a leadership crisis, but as politicians argue over who is to be prime minister, ordinary Britons face an issue more pertinent to everyday life: Should they weigh themselves in kilograms or in stone?

In my latest article “Crypto, like railways, is among the world’s top innovations of the millennium,” I compare the blockchain revolution to the railway boom. If we apply this analogy further, what’s going to happen next?

Two weeks after Russia launched its invasion of Ukraine in February, Kremlin-backed rebels assaulted a nursing home in the eastern region of Luhansk. Dozens of elderly and disabled patients, many of them bedridden, were trapped inside without water or electricity.

The Russian army has reportedly continued to bomb Ukraine's eastern Donetsk and northeastern Kharkiv regioins on Saturday. According to Ukrainian officials, Moscow is preparing "new actions" after four and a half months of war.

Several new contenders in the British Conservative Party's latest leadership race threw their hats into the ring going into the weekend, opening up the field to replace the departing Boris Johnson.

Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week.

Ashley Alder, the CEO of Hong Kong’s Securities and Futures Commission, will become the next chair of the United Kingdom’s Financial Conduct Authority.

The appointment of a new chair of the Financial Conduct Authority could set up some "uncomfortable" discussions among the regulator's top brass, according to City insiders.

UK opposition leader Sir Keir Starmer has been cleared of breaking COVID lockdown rules. 

Banking Circle, a European bank focused on cross-border payments, is adopting a major U.S. dollar-pegged stablecoin for payment rails.

Bitcoin (BTC) hit the $22K level, a scenario last seen in mid-June after Boris Johnson resigned as the UK prime minister.

While the US authorities are intensifying work on developing crypto regulations, the country’s Department of Treasury has presented to President Joe Biden a framework to facilitate international cooperation on introducing such regulations and standards at the international level.