BOE May Protect Stablecoins Like Bank Deposits, Ramsden Says

Britain may need to back up stablecoin deposits in the same way that it guarantees people’s regular savings in banks, according to Bank of England official Dave Ramsden.

The BOE’s deputy governor for banking and markets said Wednesday that it’s considering how to maintain public trust in money if a systemically-important stablecoin failed.

Last year the BOE presented proposals to regulate stablecoins — cryptocurrencies pegged to another asset, usually a traditional counterpart like the US dollar or British pound — amid a rush by regulators globally to put rules in place. It plans to have the stablecoin regulations in ...