The UK is developing a regulatory plan for stablecoins to strengthen financial stability, protect consumers and stimulate innovation in the crypto market. 🇬🇧 The Bank of England (BOE) and the Financial Conduct Authority (FCA) are collaborating to ensure the safe use of stablecoins in payments.

By 2024, the BOE will begin to oversee stablecoins important for payments, and the FCA will be responsible for other crypto activities. Companies wishing to offer stablecoins in the UK must obtain FCA approval. 😊

The government is seeking to make stablecoins a viable option for purchases by proposing that the BOE oversee stablecoin transactions and digital tokens used in payments be backed by central bank money. The proposals are part of the UK's efforts to become a leader in digital assets post-Brexit.