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Stablecoins need tighter regulation than banks to meet equivalent standards, UK central bank says

By Phoebe Seers ( May 16, 2024, 09:04 GMT | Insight) -- Safeguards that exist for UK retail banking customers — like the deposit guarantee scheme and resolution regime — will not exist for stablecoins for some time, a Bank of England official has said. Consequently, stablecoins intended to be used widely for payments need a “much tighter” level of regulation to meet equivalent standards of protection.Safeguards that exist for UK retail banking customers — like the deposit guarantee scheme and resolution regime — will not exist for stablecoins for some time, a Bank of England official has said. Consequently, stablecoins intended to be used widely for payments need a “much tighter” level of regulation to meet equivalent standards of protection. ...

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