The Bank of England (BoE) is considering imposing restrictions on stablecoins as a form of payment while developing new regulations for the sector, according to deputy governor Jon Cunliffe. He revealed that the BoE and the Financial Conduct Authority (FCA) intend to consult on new stablecoin regulations later this year during his speech at the annual Innovate Finance Global Summit.
In May 2022, the BoE stated it would regulate stablecoins with potential consequences for financial stability. Concurrently, the Financial Services and Markets Bill is progressing through Parliament. This bill will assist regulators in establishing cryptocurrency rules and incorporating stablecoins into current payment legislation.
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