The bankofengland is considering whether to put limits on stablecoins as new rules on the sector are being debated. camomileshumba reports.
, “including the requirement that the coins should be redeemable from the stablecoin arrangement, in fiat money, at par value and on demand,” Cunliffe said. Stablecoins, however, will not receive protection against failure in the same way that commercial bank deposits do. Thefollow principles
established by the Bank for International Settlements' Committee on Payments and Market Infrastructure and the International Organization of Securities Commissions last year, Cunliffe said. New ledger technology that powers crypto could also make way for digital bank notes issued by central banks, or tokenized bank deposits, Cunliffe said. These could useto settle transactions. He stressed the importance of developing an approach for tokenized bank deposits alongside the stablecoins regime.
"This will allow banks and nonbanks alike that want to develop payment solutions using new technologies to understand clearly what is possible and what is required in the respective regulatory regimes," Cunliffe said. The bank, which is also exploring a digital pound, is looking at how it can ensure tokenized transactions settle in central bank money. One way forward would be to develop a ledger system, he said.
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