Bank of England governor Andrew Bailey joins a growing list of European officials concerned with the rise of stablecoins.
Bank of England (BOE) governor Andrew Bailey recently warned against banks issuing stablecoins, saying that the Bank of England should focus on tokenizing deposits instead.
Stablecoins introduce systemic risks to banking institutions that could destabilize the entire financial system, causing sovereign governments to lose control over their currencies, the BOE official told The Sunday Times in an interview.
He also added that the United Kingdom’s central bank should not adopt a central bank digital currency (CBDC) or otherwise seek to launch a centrally-managed digital fiat token.
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