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Bank of England Plan To Regulate Stablecoins In The United Kingdom

Published:

Today, Monday, November 6, the Bank of England announced that it intends to regulate stablecoins, which may destabilize the financial system.

It was expected that last year, the legislation for fiat-backed stablecoins would be introduced in the UK.

These legislative measures aimed to offer higher consumer protection and stop stablecoins from scattering the financial stability of the United Kingdom.

READ ALSO:United States Government Sold Bitcoin Prematurely Causing $6B Lost Gains

Stablecoins are cryptocurrencies that are backed by a fiat currency like the dollar or, sterling, or an asset. However, the sector is tiny compared to the broader financial industry.

Quick Takes

  • According to a discussion paper that was released today, the central bank disclosed that it plans to regulate the systemic stablecoins as well as its issuers.
  • In addition, the United Kingdom authorities have authorized the FCA (Financial Conduct Authority) to handle the cryptocurrency industry, which includes the providers of Stablecoins.
  • Furthermore, the Bank of England told the lenders to avoid any potential risk that may cause customers to confuse new forms of e-money. This also comprises stablecoins that are guaranteed against bank failures.
  • Meanwhile, the BOE (Bank of England) and the FCA (Financial Conduct Authority) have suggested the procedure to regulate the stablecoins and their providers.
  • According to the two entities, this proposed method is a very effective strategy to make payments cheaper and faster for retailers and consumers.
  • Furthermore, the bank also sent a letter to the CEOs detailing how they can deal with tokenized deposits if they provide the services.

What’s Happening In Crypto Today?

At the time of this writing, the price of Bitcoin has risen to $35,203.49, with a slight rise in market cap by 0.15% and an increase in trading volume by 29.33%.

On the other hand, Ethereum‘s right price is at $1,895.00 while recording a slight increase in market cap of 0.12% and an increase in trading volume of 33.57%.

  • Meanwhile, Solana is right now selling at $40.21 while recording a decline in market cap of 3.72% and a decrease also in trading volume of 5.20%.
  • On the other hand, Cardano is trading at $0.3514, with a rise in market cap by 2.58% and an increase in trading volume by 42.28%.
  • TRON is selling at $0.0977 while recording a decline in market cap of 1.28% and a 25.51% increase in trading volume.
  • The price of Toncoin is currently at $2.30, with a slight rise in market cap by 1.72% and an increase in trading volume by 7.72%.
  • While Dogecoin is presently trading at $0.07237, with an increase in market cap by 2.05% and an increase also in trading volume by 50.17%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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