Bank of England signals potential changes to pound-pegged stablecoin rules

The Bank of England has signaled it may revise its proposed regulations for pound-pegged stablecoins, Reuters reported. Deputy Governor Sarah Breeden stated that the central bank is willing to reconsider its proposals and called for constructive engagement from the industry on the matter. The current proposal stipulates that pound-pegged stablecoins must be subject to strict oversight by the Bank of England and be backed 100% by high-quality asset reserves.