Bank of England Publishes Plans to Regulate Stablecoins

Together with the Financial Conduct Authority, the bank plans to ‘harness’ the benefits of stablecoins for the UK consumers and retailers.

An illustration picture shows gold plated souvenir cryptocurrency Tether (USDT), Bitcoin, and Ethereum coins arranged beside a screen displaying a trading chart, in London on May 8, 2022. Justin Tallis/AFP via Getty Images

Plans to regulate stablecoins have been revealed amid the UK government’s attempt to safeguard the widespread use of digital assets.

The Bank of England (BoE) and the Financial Conduct Authority (FCA) have requested feedback from the public and the industry on their approach to regulating stablecoins.