.bankofengland will continue with its plans for a systemic stablecoin regime, a document suggests. camomileshumba reports.
The consultation set out that systemic stablecoins would be supervised by both the BoE and Financial Conduct Authority , which was welcomed by respondents. Respondents and the government also supported extending the accountability framework to systemic stablecoins.
"As for views concerning FMI SAR primacy in cases of insolvency of future systemic payments entities, this was widely well received," the consultation document said.would be brought under existing regulations with a new objective of returning customer funds alongside the objective of making sure operations continue, something which some respondents worried about.
"Few others noted concerns that adding a new objective for returning customer funds to all systemically important payments entities may lead to situations where this was prioritised over ensuring continuity of service to mitigate acute stability risks," the document said. The government said that it will continue to work with regulators to review its approach.into law which gave the BoE powers to set up a systemic stablecoin regime.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Brazil central bank names its digital currency 'DREX,' scheduled for 2024 launchBrazil's central bank has announced that its forthcoming digital currency, set to launch in 2024, will be named DREX. The currency aims to boost financial services and will use distributed ledger technology for wholesale interbank transactions and tokenized bank deposits for retail access.
Read more »
S&P500 Futures Retreat as Central Bank Signals and Light Calendar Cause Mixed Market SentimentS&P500 Futures experience mild losses as traders await second-tier statistics from China and the US. Mixed signals from major central bankers and a lack of major data/events contribute to the cautious market sentiment. The futures retreat towards the monthly low after a brief bounce off.
Read more »
Forex Today: Markets turn cautious, focus remains on central bank speakForex Today: Markets turn cautious, focus remains on central bank speak – by eren_fxstreet Majors Currencies Macroeconomics Commodities CryptoCurrencies
Read more »
EUR/GBP drops sharply despite BoE’s tight policy impacts labor marketThe EUR/GBP pair weakens after the upside momentum fades. The cross declines towards the round-level support of 0.8600 as the Bank of England (BoE) le
Read more »
BoE’s Pill: Latest data points to more persistent inflationBank of England (BoE) Chief Economist Huw Pill expects inflation to return to the target during the first half of 2025 and fall to 5% by the end of the current year. He also predicts real wage growth during the second half of 2023.
Read more »
UK food price inflation to fall to 10% in late 2023, BoE's Pill saysBank of England (BoE) Chief Economist Huw Pill stated that British food price inflation is expected to decrease to around 10% later this year, but further decline is necessary for overall consumer price inflation (CPI) to reach its 2% target. Food and drink price inflation has been higher than other items since Russia's invasion of Ukraine, reaching its highest level since 1977 in March. It is anticipated to decrease to around 10% by the end of this year and continue to decline next year.
Read more »