18,000 ATM Machines in the UK Integrate Native Stablecoins Withdrawal
Stablecoins have been getting widespread attention globally, especially for those who are interested in cryptocurrencies but are afraid of the volatile nature of it all. Since these stablecoins are more stationary and intact with the native currency it´s a more balanced and reliable coin to rely on. In July Tether launched GBPT, a stablecoin pegged to the British Pound Sterling (GBP). With the cooperation between Bitcoinpoint and Poundtoken, a more accessible way to these stablecoins has been made.
Just as Accessible as a Regular Coin
With this collaboration, the aim is to make it easier to withdraw or transfer GBPT throughout the streets of England by accessing it through a regular ATM machine. 18,000 ATM machines to be exact. The integration is a hope for the use of stablecoins in the everyday life, normalizing it for daily financial transactions. This isn´t new for England, about 29 ATM machines around the country have already been able to exchange cryptocurrencies like Bitcoin and Ethereum for cash. And with the new plan, England might fulfill its wishes to become a potential world leader in crypto. His Majesty´s Treasury, the UK government finance ministry, is apparently recruiting for a new position to take the lead in the digital currency world. Prime minister Rish Sunak has spoken out about the positivity of “digital settlement assets”, which is their preferred term for cryptocurrencies. Since the United Kingdom is the second-largest economy in Europe it´s not a big surprise that they are going forward with this plan.
How Far Does It Stretch?
The stablecoin use in the everyday life is spread all over the globe in countries like Argentina, where their own currency is very unreliable and in the European financial hotspot Switzerland which is known for being one of the most crypto-friendly nations in the world. While some nations are keeping it in their system some like Hong kong for example have outlawed it after the Terra algorithmic stablecoin crash. Even if Terra seemed like the most promising crypto ecosystem and received millions in backing from investors and believers it still backfired though they were deemed too big to fail. But this does not stop the entire process of introducing stablecoins to the world economy. There are still believers out there for a more stable everyday crypto economy.
A Part of the Everyday Life
It´s interesting to see how it all will work going forward. BitcoinPoint CEO Benoit Marzouk means that the crypto move will help non-tech-savvy people get easier access to crypto. And with England making it easy to handle your cryptocurrencies just as easy to access real currency we might see a real change that goes beyond the GBPT stablecoins.