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The British government proposes to amend the UK’s Financial Market Infrastructure Special Administration Regime to bring crypto within the jurisdiction of the British central bank while giving the institution the reins in the event of a collapsing stablecoin -- should the bank decide that a stablecoin issuer “has reached systemic scale fail.”
Last month Sarah Pritchard, the executive director of FCA told Bloomberg that British crypto regulations will need to take into account Terra’s historic stablecoin collapse. "Innovation lasts if it works well, and clearly, we've seen the consequences and some of the issues that can arise," she said.
https://decrypt.co/101772/bank-england-rescue-collapsing-stablecoin-issuers-if-theyre-big-enough
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