JAKARTA - The Deputy Governor of the Bank of England, Jon Cunliffe, said on Monday 17 April that it may be necessary to limit the use of large stablecoins for payments, and must also be supported by high-quality and liquid assets to protect consumers.
Britain plans to adopt rules to regulate stablecoins, a cryptocurrency backed by fiat assets or currencies, that consumers can use to make payments digitally.
"Stablecoin systemics must be supported by high-quality and liquid assets," Cunliffe said at a conference held by Innovate Finance, Britain's fintech industry body.
"This aspect can include either deposits in the Bank of England or highly liquid securities, or some combination of the two. Currently, we are considering which option is the most appropriate," Cunliffe said.
"At least initially, it was impossible to protect stablecoin deposits in case of failure by using an industry-funded scheme that protects retail bank deposits of up to 85,000 pounds (Rp 1.5 billion)," said Cunliffe.
"This strengthens the need to ensure that supporting assets always have sufficient value to meet the return request. And also highlights the potential role of capital requirements," said Cunliffe.
BoE has concluded that over time, the risk of financial stability from stablecoins must be overcome.
"However, we cannot confirm to what extent and how quickly stablecoin payments might be adopted and we may need a limit, at least initially, to ensure we avoid disturbing changes that could threaten financial stability," Cunliffe said.
"In developing regulations for stablecoin payments, it is also important to develop how to manage tokenization bank deposits to allow banks and non-banks to develop payments with new technologies," said Cunliffe.
"Bank will establish its approach to this at the same time as consultations on the payment stablecoin regime," said Cunliffe.
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