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Andrew Bailey, Governor of Bank of England, recently warned against Stablecoins banks and said that Bank of England should focus on tokenization of deposits instead.
Stablecoins represents systemic risks to banking institutions that could destabilize the entire financial system, causing government government governments to lose control of its currencies, Boe official said The Sunday Times in an interview.
He also added that the United Kingdom’s central bank should not accept Digital Currency Central Bank (CBDC) or otherwise tries to run a centrally managed digital fiat token.
Bailey is the new Chairman of the Council for Financial Stability (FSB), an international financial regulatory body, suggesting that during his rudder he will be gathered in the spread of stablecoins.
Stablecoins are one of the largest sectors in the crypt and can help increase geographic delivery fiat currency from Brings onchain payment railsAvoiding the need for robust banking infrastructure to transfer funds across borders, thereby democratizing access to main currencies such as US dollar, euro and Japanese only
Related: Shanghai officials heat stablecoins despite a ban on China crypton: message
The United States is under the administration of Trump’s Stablecoins
Trump’s administration has repeatedly stated that the setting of complex Stablecoin regulations in the United States is the highest priority.
In March, which spoke at the Summit of Digital Asset in the White House, US Finance Minister Scott Bessnt said Stablecoins by expand the American dominance of the dollarTo ensure that the dollar remains a currency of global reserves.
https://www.youtube.com/watch?v=fdpmjhtq5am
Over -modest Stablecoin issuers support their digital fiat tokens with cash held in banking institutions or short -term American state cash registers that are highly liquid.
By allowing private companies tokenize US debt tools, the administration can alleviate part of the inflation pressure to the dollar by expanding the demand for US debt instruments to everyone with a mobile phone and a crypt of wallet.
Jerome Powell’s Federal Reserve President also expressed support for this idea and Ruffed for Stablecoins’ cohesive policies in the United States.
However, European counterparts have repeatedly sounded alarm on the plans of Stablecoin of the United States and warned that Stablecoins denominated dollar pose a threat to the EU financial system and could and could and could and could and could Slide the euro in total.
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