Cryptocurrencies a ‘fundamental issue’ for Bank of England, official says

Sir Jon Cunliffe said new currencies and ways of paying for things are ‘exciting’ but also a ‘fundamental issue’ for the Bank.

The Bank of England’s deputy governor has said stablecoins may need the same regulation as traditional payments in order to prevent threats to Britain’s financial stability (PA) (PA Wire)

The Bank of England’s deputy governor said stablecoins may need the same regulation as traditional payments in order to prevent threats to Britain’s financial stability.

Sir Jon Cunliffe said new currencies and ways of paying for things are “exciting” but also a “fundamental issue” for the Bank.

The Bank and the UK’s regulator, the Financial Conduct Authority, are set to consult later this year on a new regulatory framework to limit the use of stablecoins, which are a type of cryptocurrency backed by traditional money or assets.