Bailey Calls for Regulating Stablecoins

Stablecoins and cryptocurrencies must be well regulated by market authorities, according to remarks by the Bank of England (BoE) Governor, Andrew Bailey, on Thursday.

The comments, picked up by Reuters, showed a call for regulators to keep up with market developments in the digital payment domain.

“If stablecoins are to be widely used as a means of payment, they must have equivalent standards to those that are in place today for other forms of payment types and the forms of money transferred through them.”

“If a sterling retail stablecoin wishes to operate at scale in the UK, then we will strongly consider the need for an entity to be incorporated in the UK.”