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The announcement did not specify the regulations, but noted that the approach will ensure that the CBDC meets “the same minimum standards that we expect from other payment methods”.
“New technologies like stablecoins – privately issued digital currencies – could transform the way people store and exchange their money, making payments cheaper and faster,” the statement said.
Sunak announced the measures while outlining other proposals for the UK’s green finance and sustainable finance initiatives.
Meanwhile, Lebanese Governor Riad Salameh has announced that the country will introduce a CBDC next year to “restore confidence,” Bloomberg said.
In other news, Securities and Exchange Commission (SEC) member Hester Peirce expressed hope that securities regulations regarding cryptocurrencies will accelerate to catch up with the speed of financial technology innovation.
“Regulators are slow, and there’s a reason we’re slow,” he said, speaking at CoinDesk’s Bitcoin for Advisors event. “We must have [a] process in place to make sure that when we are changing the rules people have noticed that we are considering changing a rule and can comment. “
Peirce defended the slowness of many securities regulations, but not when they restrict the use of new technologies. Areas such as those involving digital asset service providers are complex, as multiple regulators are involved in oversight.
“There are circumstances where we have a facility at the SEC that was built in the 1930s and 40s and added over time,” he said. “Of course, now that we’re seeing what’s going on in the crypto space, for example, there are areas where we will need to make changes, and I think we should move faster … I’m looking forward there.”
On another note, Colorado-based cryptocurrency exchange ShapeShift removed the privacy coin Zcash (ZEC), after removing monero (XMR) and dash (DASH) on Friday (Nov 6), CoinDesk reported. citing regulatory concerns.
The exchange has upped regulatory rules over the past two years, requiring customers to disclose their identity in 2018. Zcash and dash are privacy optional.
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NEW PYMNTS STUDIO: CROSS-BORDER COMMERCIAL FRICTION INDEX – NOVEMBER 2020
The PYMNTS cross-border commercial friction index analyzes the main points of friction experienced by consumers who browse, shop and pay for purchases on global e-commerce sites. The report examines the payment processes of 260 EU and US-based B2B and B2C eCommerce sites across 12 industries and highlights key traits that can help merchants improve their payment experiences.
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