England: Cryptocurrencies exceeded the balance of the Bank of England by 419 million dollars

The Bank of England plans to hire around 100 additional staffbecause they need additional funds to cover the costs of their monitoring responsibilities.

In this way, the file Prudential regulator plans to raise 321 million pounds ($419 million) by February 2023, up 9% from last year. The regulator said in its annual work plan that this is with the aim of combating risks related to cryptocurrencies and other emerging technologies.

Operating costs have increased since the United Kingdom left the European Union, the agency said, adding that the regulator expects to add 100 employees with knowledge of digital assets.

The budget arrives when the regulators from United kingdom, just like their American peers, learn about crypto regulations quickly. The country’s treasury made headlines when it asked the Royal Mint, the agency responsible for making British coinage, to mint the NFT coin.

The Ministry of Finance Prioritize the regulation of stablecoins that are used for payment. PRA plans to use a portion of its organizational budget for this purpose:

“Work will also continue to develop a regulatory framework that is ready for technological innovations, such as stablecoins.”

Funds will be raised from regulated companies, including banks, mortgage companies and insurance companies. In the twelve months ending in February, the authority received 297 million pounds ($386 million) from those entities.

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