BoE's Bailey says progress on global stablecoin standards has slowed

WASHINGTON, April 15 (Reuters) - ‌Bank of ​England ​Governor Andrew Bailey said on Wednesday that progress on establishing international standards for ‌so-called stablecoins, cryptoassets which are pegged to ⁠a fiat currency such as the dollar, had slowed ‌over the last year.

Bailey, ‌who also chairs the Financial Stability Board, commented on the timing of global standards in ​the context of his concerns about "assured value", the confidence that a stablecoin can always be ⁠redeemed at face value, on the sidelines of the International Monetary ​Fund’s Spring Meetings.

"We do have to have international standards to it to underpin ​assured value. I don't think ‌we can have a situation where we've got different rules of engagement ⁠in different countries for that," Bailey said at an event hosted by the Institute of International Finance.

Britain ⁠and the United States are among major economies pressing ahead ​with domestic rules for stablecoins as policymakers seek to capitalise on the technology, while guarding against financial stability ‌risks.

International standards are seen as critical to preventing so-called regulatory arbitrage, where ‌financial firms seek out the jurisdiction with the ⁠least onerous rules.

(Reporting by ‌William Schomberg in ​Washington and Phoebe Seers in London; Editing by Tommy Reggiori Wilkes and Alexander ‌Smith)

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