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Bank of England Publishes Plans to Regulate Wide-Use Stablecoins

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The Bank of England shared its plans to regulate stablecoins that could pose a risk to the financial system in a discussion paper published Monday.

The Bank of England will be regulating these systemic stablecoins and their issuers. The Financial Conduct Authority (FCA) will oversee the crypto sector, including stablecoin providers, the U.K. government said last week. Legislation for fiat-backed stablecoins will be introduced early next year.

This is a developing story and will be updated.

Edited by Sandali Handagama.

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