‘Significant Step’ Towards Future of Digital Money: Bank of England Publishes Proposals for Regulating Sterling-Denominated Systemic Stablecoins

The Bank of England has published a consultation on a proposed regulatory regime for sterling-denominated systemic stablecoins, designed to maintain public trust in money as the pace of payments innovation accelerates. Described by the Bank in a related press release as a ‘significant step’ towards ‘a future where new forms of digital money may be widely used for payments alongside existing ones’, the consultation follows on from its November 2023 discussion paper. The aim is to create a regime…
By: Hogan Lovells