Bank of England Governor Warns Banks Against Issuing Stablecoins, Urges Focus on Deposit Tokenization
According to a report by Jinse Finance, Bank of England (BOE) Governor Andrew Bailey recently warned banks against issuing stablecoins, stating that the Bank of England should focus on the tokenization of deposits. He emphasized that stablecoins pose systemic risks to banking institutions, potentially undermining the stability of the entire financial system and causing sovereign governments to lose control over their currencies. He also added that the Bank of England should not adopt a central bank digital currency (CBDC) or otherwise seek to introduce centrally managed digital fiat tokens.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Musalem: Economic weakness expected in Q4, rebound anticipated in Q1 next year
Data: 7.5557 million TRX transferred out from a certain exchange, worth approximately $2.2359 million
