Bank of England Governor Warns Banks Not to Issue Stablecoins, Opposes Introduction of Digital British Central Bank Governor Andrew Bailey opposes banks issuing stablecoins, calling for priority to be given to the development of digital deposit pounds
Bank of England Governor Andrew Bailey has expressed opposition to large banks issuing their own stablecoins, arguing that the priority should be the development of tokenized deposits to avoid capital outflows from the banking system and weakening credit capacity. He warned that stablecoins could trigger risks such as runs and money laundering, a stance that conflicts with the Trump administration's support for dollar-pegged stablecoins. [Bloomberg]
Bank of England Governor Warns Banks Not to Issue Stablecoins, Opposes Introduction of Digital British Central Bank Governor Andrew Bailey opposes banks issuing stablecoins, calling for priority to be given to the development of digital deposit pounds
Bank of England Governor Andrew Bailey has expressed opposition to large banks issuing their own stablecoins, arguing that the priority should be the development of tokenized deposits to avoid capital outflows from the banking system and weakening credit capacity. He warned that stablecoins could trigger risks such as runs and money laundering, a stance that conflicts with the Trump administration's support for dollar-pegged stablecoins. [Bloomberg]
