The British central bank is considering what failure arrangements are needed for important stablecoins and it still has to do more to ensure that firms and the BoE are ready to wind up a central counterparty safely
International News via Reuters:
The Bank of England is making progress towards ensuring that the financial system is safe in the event of a collapse of an institution outside the traditional banking sector, Deputy Governor Dave Ramsden said on Wednesday.
The British central bank is considering what failure arrangements are needed for important stablecoins and it still has to do more to ensure that firms and the BoE are ready to wind up a central counterparty safely, Ramsden said.
“Looking ahead, it’s important our resolution regime responds to changes in the financial system, including the growth of market-based finance and structural developments such as the introduction of new financial products,” he said in the text of a speech he was due to give at King’s College London.
Writing by William SchombergEditing by David Milliken
