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Tuesday

22 June 2021

Bank of England Proposes Regulation of Stablecoin Use As Payment Means

Bank of England Proposes Regulation of Stablecoin Use As Payment Means


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The central bank aims to ensure that stablecoins have the same level of public confidence just like the commercial bank money, for use as a payment method and store of value.

While the BoE is looking at regulating stablecoin payments, the apex bank is still undecided about issuing a central bank digital currency (CBDC)

In May, Jon Cunliffe, Deputy Governor of the BoE, said the central bank had a good reason to create its CBDC, as it could forestall the privacy and cost implications that came with privately-issued and controlled digital currencies.

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