Despite the turmoil in British politics, a senior Bank of England official says legislation relating to stablecoins is still expected within weeks.
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Boris Johnson has resigned as Prime Minister, in a week where dozens of ministers in his government quit following a slew of scandals.
But according to the Bank of England's deputy governor Sir Jon Cunliffe, the U.K. is still on track to establish a regulatory system for stablecoins.
Speaking at the Qatar Centre for Global Banking and Finance’s annual conference, Sir Jon admitted that "recent events" have affected these plans.
However, he was quoted as saying that legislation will be introduced before Parliament takes a summer break.
The Treasury would lead the charge on these measures, along with the central bank, the Financial Conduct Authority and the Payment Systems Regulator.
As we reported on Wednesday, Britain's ambitious plans to become a "global cryptoasset hub" were thrown into doubt when Chancellor Rishi Sunak announced he was stepping down.
Back in April, Sunak had unveiled plans to ensure that stablecoins would become a recognized form of payment in the U.K. — with the Royal Mint set to produce a non-fungible token this summer.
Some politicians have been urging the government to treat crypto regulation with urgency — arguing that it could give Britain an all-important upper hand following the country's departure from the European Union.
Westminster is in disarray right now after a number of Johnson's closest allies convinced him to step aside.
However, the embattled leader has expressed determination to remain in power until a successor can be found, a process that could take until October.
Some Conservative politicians are planning maneuvers that could see Johnson out of Downing Street much earlier than this.
It's unclear whether Sir Jon Cunliffe's stance on stablecoin regulation has changed materially now Johnson has confirmed he's going.
