It was noted in the statement that stablecoins could indeed improve the exchange of finance between people. Cryptocurrencies allow transactions to be carried out much faster than traditional financial systems, and the UK Treasury believes that the new technology is worth supporting and implementing.
Rishi Sunak, UK Treasury Secretary has pledged on his Twitter page to develop a guide for private stablecoin creators. This guide will contain standards that will enable new currencies to be as secure and reliable as traditional instruments. Sunak is convinced that in order for people to experience the full benefits of cryptocurrencies without putting their assets at risk, they need to be brought into line with the highest standards.
While China is already in full swing introducing a national cryptocurrency, the Bank of England is just eyeing such an innovation. UK regulators aren't throwing the idea away, butundefined study all the pitfalls and are determined with a decision without haste. After all, the state cryptocurrency could seriously compete with private stablecoins. Perhaps it would become the very tool for a smooth transition to digitalization of the financial system, which would help people to trust new technology.
The Bank of England is completely sure of one thing - stablecoins need government regulation, not only at the local but also at the international level. After all, if we are talking about international payments, which are one of the most important options of the technology, coordination and uniform rules are needed, without which the process becomes much more complicated. The governor of the British central bank said that an international regulatory framework could come out soon, and advised private issuers to consider this information for the near future.