Bank of England must consider private stablecoins in developing digital pound, lobbyist says

2022/10/20 02:08

According to Coindesk, the Bank of England must take account of the crypto industry’s competitiveness when it decides how to issue a central bank digital currency, fintech lobbyist Adam Jackson said Wednesday at a meeting of a committee of U.K. lawmakers that is considering a measure to regulate stablecoins. There’s a “question whether we could apply a competition objective to the Bank of England, when we think about things like central bank digital currency and how that's implemented,” Jackson, who is the director of policy at Innovate Finance, told lawmakers on the committee. He added that the CBDC “could crowd out innovation and stablecoins unless it's designed in a way that promotes competition.”

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