According to a consultation answer released on Monday, the Bank of England (BoE) intends to proceed with its plans for a systemic stablecoin regime.
Respondents were pleased that the consultation stated that systemic stablecoins would be supervised by both the Bank of England and the Financial Conduct Authority (FCA).
Respondents and the government also agreed that the accountability framework (which assesses whether the regulator’s approach is future-proof) should be extended to systemic stablecoins.
“Views concerning FMI SAR (the regime) primacy in cases of insolvency of future systemic payments entities were widely received,” according to the consultation document.