“The United Kingdom” is open for business – open for crypto firms,” John Glen, the Treasury’s economic secretary, said in a speech Monday.

Treasury Secretary Rishi Sunak has also ordered the Royal Mint to create a digital collectible known as an NFT as an “emblem of the U.K.’s forward-thinking strategy.” “Glen is determined to take,” he stated.

Crypto supporters claim that the technology will make payments faster, easier, and more transparent. While detractors fear that it will be used for unlawful behavior such as money laundering and would also contribute to carbon emissions due to the high computer power required to conduct transactions.

The United States increased government regulation of cryptocurrency last month, while European Union lawmakers agreed on draft cryptoasset legislation.

Glen stated that the government intends to alter payment legislation to incorporate a type of cryptocurrency known as stablecoins. It will encourage issuers and also service providers to operate and flourish in the United Kingdom. Stablecoins are typically linked to the US dollar or a commodity such as gold. It will make them far less volatile than traditional cryptocurrencies such as bitcoin, which can fluctuate dramatically in value.

“This would also allow consumers to use stablecoin payment services with confidence,” Glen said, without naming the stablecoins that would be regulated.