Breeden said loosening UK stablecoin rules could fuel risky bank outflows, urging stronger safeguards as the Bank of England finalizes its crypto framework.
Weaker stablecoin rules in the UK could risk financial stability and trigger a credit crunch, according to the Bank of England’s deputy governor, Sarah Breeden.
“We have a different set of risks to manage as we transition to bringing in this new form of money,” Breeden’s told Reuters on Tuesday. Last week, she said that the UK can keep pace with the US on stablecoin regulation.
Crypto industry leaders have criticized the BoE’s stablecoin consultation paper released on Monday, which proposed a relatively strict stance on stablecoin regulation in comparison to the US.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments