Bank of England to Unveil Stablecoin Rules

On November tenth, the Bank of England is set to release its long-awaited rules for stablecoins, a type of cryptocurrency. This marks a significant shift, as just two years ago, Governor Andrew Bailey dismissed stablecoins as not money. Now, the central banks top officials are calling it a fabulous opportunity, a change that is expected to be cautiously welcomed by the crypto industry. The Bank of Englands initial stance, which viewed stablecoins as not robust enough for the financial system, put it at odds with the UK Treasury. This division created an opening for the United States crypto lobby to push for a more industry-friendly regulatory approach in Britain. The United States has adopted a more industry-friendly approach to stablecoin regulation, with figures like Donald Trump praising their potential. This has put post-Brexit Britain in a tricky position, caught between aligning with the European Unions stricter rules or the USs more relaxed stance. Recent weeks have seen a softening of the Bank of Englands rhetoric, with officials indicating a more relaxed policy is on the way, partly influenced by discussions with US regulators and the crypto industry. This evolving situation suggests that the UKs new stablecoin rules will likely show a strong American influence.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.