Bank of England Sets Date for Stablecoin Act!

Bank of England Deputy Governor Jon Cunliffe said Wednesday that they will pass legislation for regulation in the stablecoin space before the summer break.

The UK Treasury will reportedly be in consultation with other regulatory bodies, including the Bank of England (BoE), Payment Systems Regulator (PSR) and Financial Conduct Authority (FCA).

Speaking at the annual conference of the Qatar Center for Global Banking and Finance, Cunliffe said recent events had delayed his plans a bit. What Cunliffe describes as recent events is thought to be the resignation of Treasury chief Rishi Sunak and senior Treasury official Jon Glen from their posts in Prime Minister Boris Johnson’s government.

“Separation of Pro-Cryptocurrency Politicians Delays Stablecoin Law”

Both Sunak and Glen showed themselves months ago by announcing that they hope the UK will become a hub for digital assets. cryptocurrency introduced them as fans.

The Treasury had said in stablecoin talks in April that the government would initially seek to regulate stablecoins using the Payment Service Regulations, Financial Services Act of 2017, and the Electronic Money Regulations Act of 2011. Additionally, the Treasury has worked with the Bank of England, FCA and PSR to promise more detailed requirements for stablecoin legislation.

Cunliffe also spoke about plans outside the UK, saying that the Committee on Payments and Markets Infrastructures (CPMI), an international panel he chairs, will finalize its guidance on global standards for payment systems before the summer break.

The issues in this guide are listed as follows: What assets should support these stablecoins, how to return or claim them, and how to make sure a systemically used stablecoin or coin is safe.

Cunliffe said that CPMI also plans to produce a report on how the Basel Framework for banking could be applied to stablecoins.

*Not investment advice.

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