Bank of England (BoE) Deputy Governor Jon Cunliffe stated that stablecoins should be limited as they can undermine financial stability.
BoE Vice President Cunliffe said in his April 17 speech that the rapid launch of stablecoins could undermine financial stability. stablecoin regulation He said that he will do it and plans some restrictions.
Cunliffe, stablecoins rate of adoption And scope of definitely cannot be known therefore financial stability threatening will be able to devastating to avoid changes, at least initially to the limitations need would be expressed.
Vice President, for stablecoins to be converted into fiat high quality And backed by liquid assets that they should their deposits in the BoEwith very high liquidity securities or one of both combination He said it could include.
Cunliffe currently operates in banks operating in the UK. to 85 thousand pounds customer assets insurance encompassing stablecoins of legislation valid for that you are not underlined. Vice President, behind stablecoins guarantee their assets always claim for repayment able to afford the need to ensure that you strengthen expressed.
Cunliffe, on the other hand, stablecoins for one frame in preparation banks and non-bank institutions using blockchain technology payment solutions to enable them to develop tokenized bank deposits He also emphasized the importance of working on the regulation.