Bank Of England Governor Just Declared War On Unregulated Stablecoins—And Crypto Companies Are Bracing For Impact
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The gloves are off in Britain’s crypto regulation battle. Bank of England Governor Andrew Bailey just drew a hard line in the sand on Oct. 1, declaring that any stablecoin widely used for payments in the UK must be regulated exactly like money in a traditional bank—complete with depositor protections and access to central bank facilities.
The announcement marks a major escalation in the BoE’s regulatory stance and has crypto industry figures scrambling to understand what comes next, according to the Financial Times.
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