BoE deputy governor Sir Jon Cunliffe looked at stablecoin, CBDC and other forms of tokenization taking hold in the modern economy in a speech on financial innovation.
BoE Considers Limits on Stablecoin Payments as Parliament Debates New Crypto Rules
The Bank of England plans on releasing a consultation proposal by the end of the year, Jon Cunliffe said at Innovate Finance’s annual global summit.
UK forms Bitcoin Policy org to boost BTC education and adoption
A Bitcoin-only policy organization in the United Kingdom seeks to steer a course for greater levels of Bitcoin adoption.
Stablecoins Need to Be Regulated Like Commercial Bank Money, Bank of England’s Andrew Bailey Says
The central bank governor also said regulators can’t rule out central bank digital currencies.
Bank of England Targets 30-Strong Team for Digital Currency: Report
Among the positions available: Digital Pound Security Architect and Digital Pound Solutions Architect.
US explores additional bank support favoring First Republic’s benefit: Report
Despite banking laws stating that remedies should not be aimed at benefiting a specific bank, this change could be structured “in a way to ensure” First Republic benefits, according to unnamed sources.
SVB’s UK arm issues 15M pounds in bonuses after symbolic bailout: Report
Insider sources reportedly described the bonus pool as “modest,” adding that the stock held by senior execs had been “rendered worthless” following Silicon Valley Bank UK arm’s “near-collapse.”
UK regulators moving “at pace” to deliver a plan for tech firms hurt by SVB collapse
An emergency plan to rescue startups and tech companies affected by the Silicon Valley Bank collapse is underway in the United Kingdom.
Bank of England has no tech skills to issue CBDC yet: Deputy governor
BoE deputy governor Jon Cunliffe compared a potential digital pound with iPhone’s Apple Store as it could “open a new frontier for people to improve payments.”
DLT Not Efficient Enough to Power CBDCs: BOE’s Cunliffe
The Bank of England is experimenting with tokenizing assets for real estate sales, as well as developing a digital pound, lawmakers were told.
UK banking regulator to propose crypto issuing, holding rules after Basel 3 finalized
The Bank of England Prudential Regulatory Authority will facilitate international economic growth under the Financial Services and Markets bill now in Parliament.
UK think tank launches a crusade against ‘surveillance’ CBDCs
The Bank of England’s plans for a CBDC launch raises concern among UK Tax Reform Council and the broader Bitcoin community.
UK’s digital pound would modernize payments but won’t replace cash: Minister
Finance minister Jeremy Hunt says the digital pound, or “Britcoin” would be issued and backed by the Bank of England, but won’t negate the use of cash.
UK is ‘likely’ to need digital currency, says BoE and Treasury: Report
The digital pound roadmap is reportedly set to be introduced next week, along with a joint public consultation.
Bank of England opens applications for ‘proof of concept’ CBDC wallet
The bank requires the wallet to execute basic features such as transacting value and requesting payments and set its budget at nearly $255,000.
UK crypto bill to restrict services from abroad: Report
The regulatory amendments will broaden the powers of the country’s financial regulator and put the crypto industry under tighter scrutiny.
BOE’s Cunliffe says regulation can save crypto from itself and it’s worth the effort
Blockchain technologies can bring improvements to finance, given a regulatory framework, and links between DeFi and TradFi are being rapidly cemented already, Cunliffe said.
Bank of England raises interest rates to 3%, largest jump in 33 years
The Bank of England is trying to bring soaring inflation under control by dramatically increasing the cost of borrowing money.
UK inflation rate hits 10.1%, British Bitcoin community responds
The British Bitcoin community wades in on the latest inflation print, which once again hit the double digits in the United Kingdom.
BoE official compares current crypto market regulation to ‘unsafe aeroplanes’
According to Jon Cunliffe, regulators needed to accelerate efforts to find a place for crypto in current frameworks based on the principle of “same risk, same regulatory outcome.”