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Bank Of England Governor Andrew Bailey Gives Policy Update
Governor Andrew Bailey speaks on the state of stablecoin rulemaking in the UK and draws attention to the broader digital money landscape.
The UK is set to receive a stablecoin update in the near term (Zara Johnson / Unsplash)
Bank of England Governor Andrew Bailey has hinted at an upcoming stablecoin update on the UK's regime before the summer holidays.
Speaking with Bloomberg Radio, Bailey has illustrated there is a repeating view that the main focus for the BoE is on establishing clearer rules for stablecoins when being used in cross-border payments, while also adopting the main benefits of emerging technology.
There was no final say on whether the stablecoin holding limitations proposed several months back will be completely reversed, or the extent to which exceptions could apply, but this is may be mentioned further in the upcoming policy update over summer.
However, there was also emphasis that the UK and other countries may not be as fully aligned with the U.S. in terms of stablecoin-first adoption, with ongoing initiatives involving tokenized deposits and the (evolving) integration of central bank money continuing to be of particular interest.
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