News
The UK central bank is considering abandoning its digital pound plans as its Governor Andrew Bailey favors private payment innovations over a state-backed CBDC.
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Bank of England News
The Bank of England is one of the main financial authorities and is the central bank of the United Kingdom. The Bank of England is the second-oldest bank in operation and the most influential of them, having served as a role model for other countries’ central banks. There are a lot of services provided by the Bank of England. For example, the Bank of England provides a quarterly inflation report that sums up all the results of monetary policies. The Bank of England is also in charge of economic growth forecasts and some other financial predictions and research. The Bank of England is the custodian of the gold reserves of the United Kingdom and the official gold reserves of around 30 other countries. The Bank of England is the banknote issuer of UK and has a contract with De La Rue plc. – an English banknote manufacturing company that prints all the modern banknotes of the UK.
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Bank of England governor Andrew Bailey joins a growing list of European officials concerned with the rise of stablecoins.
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Canada’s new prime minister, Mark Carney, once said recreating a virtual global gold standard like Bitcoin “would be a criminal act of monetary amnesia.”
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The New York regulator’s Transatlantic Regulatory Exchange program would allow the NYDFS to exchange senior staff experienced in digital assets with those at the Bank of England.
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The UK’s central bank wants to monitor the stability of crypto and set future policy; it has asked local firms to disclose their current and future crypto plans.
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This marks the bank’s first interest rate cut in over four years, with the last rate cut occurring in March 2020.
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The proof-of-concept showed that real-time monitoring of stablecoin reserves could be achieved with cooperation among regulators, technologists and issuers.
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The Law Commission’s final report advocates for legal reforms to better protect the unique features of digital assets.
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The BOE is considering applying DLT to its existing settlement system and introducing a wCBDC.
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The Bank of England's proactive regulatory shift aims to integrate emerging technologies, highlighted by the introduction of the Digital Securities Sandbox.
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The Bank of England and the U.K.’s financial regulator, the Financial Conduct Authority, aim for the inaugural group of applicants to join the Digital Securities Sandbox by autumn 2024.
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The agencies released discussion papers relating to stablecoin regulation and custody in November.
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In response to a consultation paper on a U.K. CBDC, the bank and HM Treasury said they had not decided to launch a digital pound but intended to “protect access to cash.”
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Digital currencies were a topic of interest at the latest U.K. Parliament Treasury Committee meeting. Enthusiasm for them, however, was muted.
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A U.K. parliamentary committee fears an official launch would demand significant investment and that the benefits may not outweigh the risks.
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