
BoE Digital Pound project reversal: innovative payment solutions at commercial banks
The debate surrounding central bank digital currencies (CBDCs) has reached a new but unexpected stag...
CBDC Central Bank Digital Currencies Digital PoundThe United Kingdom
is getting closer to treating cryptocurrency as a regulated activity, with promotion
of digital assets closely monitored. On Monday, lawmakers from the Parliaments
upper chamber, House of Lords, ratified the Financial Services and Markets Bill
(FSMB). House of Lords Approves Crypto LawsFSMB
outlines the UKs economic strategy post-Brexit. The bill originally proposes
to regulate stablecoins under the payments industry. However, provisions to
deal with crypto as a regulated activity and to oversee crypto ads were added
in subsequent amendments. The
approval means that the bill, which was sanctioned by the lower chamber House
of Commons in October last year, is now set for the final stages. This stage
includes a last reading by both chambers, with royal assent granted by King
Charles III once both chambers agree on final provisions.As part of
efforts to regulate the cryptocurrency industry in the UK, His Majestys
Treasury recently consulted with the
public on
proposed regulations as part of steps to prepare draft provisions
on regulating the crypto
industry. The rules propose measures to offer UK consumers better protection
while allowing the crypto industry to grow within a regulated ecosystem. In April,
Andrew Griffith, Economic Secretary to the UK Treasury told CNBC that
crypto-specific regulation could come into force in the next one year. He noted
that the country is seeking to position itself as a global hub for crypto
asset technology.Eyes on the Crypto IndustryMeanwhile,
a group of lawmakers recently put forward 53
recommendations for crypto regulation. The All-Party Parliamentary Group (APPG) for
Crypto and Digital Assets Group also sought the appointment of a dedicated
official to oversee the regulatory process.Finance Magnates
reported that pro-crypto lawmakers divided the recommendations into several
segments, including the country's approach toward crypto regulations, the role
of the UK regulations, the central bank digital currencies, and risk in
consumer protection and economic crimes.In a
related development, the UK Financial Conduct Authority is also making plans to enforce
news rules around
cryptocurrency marketing and advertisings from October 8. The Treasury
previously announced it was introducing a
time-limited exemption that will enable crypto firms authorized under the
FCAs anti-money laundering regime to issue their promotional materials before
the new regulatory regime takes off.TipRanks wins fintech award; ex-Scope Markets' exec at Titan FX; read today's news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.
The debate surrounding central bank digital currencies (CBDCs) has reached a new but unexpected stag...
CBDC Central Bank Digital Currencies Digital PoundAccording to a Bloomberg report, the Bank of England may scrap its digital pound plans, pushing banks to lead payment innovation as CBDC benefits wane.
CBDC Digital PoundDigital currencies are coming, but the governor is acting like a stick in the mud. His conservatism means Britain will be late to the party with the future of this new form of money shaped by others, says James Moore
Digital PoundThe UK central bank may scrap its digital pound amid skepticism and preference for bank payment innovations, Bloomberg reports.
CBDC Digital PoundThe Bank of Englandis considering pausing its plans to create a digital currency. Thats according to areportTuesday (July 22) from Bloomberg News,
CBDC Central Bank Digital Currencies Digital PoundThe Bank of England is considering shelving plans for the creation of a digital pound amid growing scepticism over the projects benefits.
Digital Pound