TechFlow News, May 14: According to a report by Decrypt, the Bank of England stated it views stablecoins as “a new type of currency” and plans to open applications for issuing “systemic stablecoins” in the UK by the end of this year. Sasha Mills, Executive Director at the Bank of England, said regulators are “remaining neutral” in the debate between tokenized deposits and stablecoins, and it remains unclear which type of new currency is better suited for specific use cases. The Bank of England will oversee systemic stablecoins—those widely used for payments and potentially impacting UK financial stability—while stablecoins with limited usage in retail or corporate payments will fall under the regulatory purview of the UK’s Financial Conduct Authority (FCA).
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