BoE deputy governor Sir Jon Cunliffe looked at stablecoins, CBDC and other forms of tokenization taking hold in the modern economy in a speech on financial innovation. Bank of England deputy governor Sir Jon Cunliffe spoke at the Innovative Finance Global Summit in London on April 17 about the development of tokenization. The UK’s central…
The central bank wants an e-GBP to be retail-focused and could form part of a “mixed payments economy” alongside cryptocurrency stablecoins. The United Kingdom is a step closer to launching a Central Bank Digital Currency (CBDC) after releasing a consultation paper explaining the proposed digital pound, which the public has nicknamed “Britcoin.” The 116-page consultation…
The U.K. Law Commission called for cryptocurrencies and digital assets to be classed as “data objects” in new reforms aimed at fostering growth and legal protection.
The Law Commission of England and Wales is proposing a number of law reforms to provide wider recognition and legal protections for cryptocurrency and digital asset users.
The institution is reviewing existing legislation on digital assets at the request of the British government in an effort to accommodate the space as it continues to grow in reach and use. The Law Commission announced the call for public consultation from legal experts, technologists and users on July 28.
The proposal highlights the evolving nature and multi-faceted use of cryptocurrencies, nonfungible tokens and other digital assets. Cryptocurrencies are used as a means of payment, store of value and as a digital representation of ownership or rights to equities and debt securities.
The Law Commission seeks to deliver “wider recognition and legal protections for digital assets” to give a wider range of people, businesses and institutions access to the burgeoning sector. The consultation paper examines how personal property laws apply to digital assets and why they should be classed under this umbrella but in a unique category.
Related: UK government targets crypto in latest legislative agenda
Four key proposals are put forward, starting with explicitly defining a distinct legal category of personal property to accommodate the unique features of digital assets under the banner of “data objects.”
The second will be creating different options for the development and implementation of “data objects” around existing law. Clarifying law around ownership and control of digital assets as well as transfers and transactions are the final two recommendations put forward.
A statement from Commercial and Common Law commissioner Professor Sarah Green highlighted the institution’s focus on the unique features of the technology in order to provide a strong legal foundation for the ecosystem to develop organically:
“Our proposals aim to create a strong legal framework that offers greater consistency and protection for users and promotes an environment that is able to encourage further technological innovation.”
The proposed legal reforms are in line with governmental plans for England and Wales to become a hub for cryptocurrency and digital asset systems. The Law Commission’s deadline for public responses to its consultation paper is set for Nov. 4, 2022.
Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned that cryptocurrencies are “very vulnerable to sentiment and prone to collapse.” He urged regulators to “get on with the job” and regulate crypto under the principle of “same risk, same regulatory outcome.” Bank of England’s Cunliffe on Crypto Regulation Sir Jon Cunliffe, […]
Governor of the Bank of England, Andrew Bailey, is not the biggest fan of crypto assets. The 63-year-old British central banker has not relented in his campaign to expose the futility of crypto investments, oftentimes referring to them as without “intrinsic value.”
Bank of England (BoE) Deputy Governor Jon Cunliffe said the digital pound would likely operate as an account-managed instrument at the “trade level,” instead of a direct to retail user currency, Bloomberg News reported, Cunliffe — tasked with overseeing the United Kingdom’s CBDC project — told a panel that policymakers are considering ways to make the […]
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The Bank of England has called for stricter measures to prevent financial risks posed by digital assets even as the global cryptocurrency industry market cap gets slashed by over half.
The weakening economy has produced extraordinary market volatility. The BOE warned that systemic problems for the larger economy might arise.
The governor of the Bank of England, Andrew Bailey, has reiterated his warning about cryptocurrency investing after U.S. crypto lender Celsius abruptly froze withdrawals. He stressed that investors should be prepared to lose all their money, emphasizing that crypto has no intrinsic value. Bank of England’s Governor Warns About Cryptocurrency Following Celsius’ Withdrawal Freeze Bank […]
The governor of the Bank of England, the British central bank, says bitcoin has no intrinsic value and the cryptocurrency is not suitable as a practical means of payment. His warning came after the crypto market plunged. Andrew Bailey on Bitcoin and Cryptocurrency Bank of England Governor Andrew Bailey warned about bitcoin and cryptocurrency on […]