2023-10-27 20:14 |
Sir Jon Cunliffe looks at payment solutions of the past and future in his last speech as deputy governor of the BOE.
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The Bank of England has begun reconsidering parts of its proposed stablecoin framework after digital asset firms warned that strict reserve rules and ownership caps could make pound-backed tokens difficult to use at scale. According to the Financial Times, Bank…
In a new discussion paper, the U.K. central bank also said it wants to ensure stablecoins are interchangeable with the pound.
The U.K. government published plans for regulating crypto last week.
The Bank of England has also started recruiting for its central bank digital currency engagement forum.
The U.K. closed a consultation on a digital pound in June, something the bank thinks is likely needed.
A retail CBDC or “enhanced” digital money would support the singleness of money and settlement finality, Andrew Bailey said, but crypto isn’t money.