Bank Of England Urges Regulation Of Payments Innovation

Law360 (September 3, 2020, 8:07 PM EDT) -- Bank of England Gov. Andrew Bailey urged national financial regulators to coordinate on payments innovation, speaking at a virtual event held by the Brookings Institution on Thursday where he outlined a variety of regulatory questions and challenges arising from the use of blockchain and digital currencies.

In light of various private and public sector developments that promise to bring the use of digital currency a wider audience, Bailey urged regulators to be wary of the potential threats to financial stability that may stem from widespread use of fiat backed digital currencies, known as stablecoins, or central bank digital currencies, also known...

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