US EditionAndrew Bailey Slams Bank Stablecoins, Contrasts With Trump’s Pro-Crypto Wave: The Times
GREATER LONDON, ENGLAND, JUL 14 – Bank of England Governor Andrew Bailey cautions UK banks against stablecoin issuance due to risks to financial stability and monetary control amid a $240 billion global market surge.
- Andrew Bailey, Governor of the Bank of England, warned banks against issuing their own stablecoins due to financial stability risks.
- Bailey's warning comes as the U.S. Congress reviews the Genius Act, legislation that would permit major commercial banks, including JPMorgan and Citi, to create and offer stablecoins, highlighting increasing policy differences.
- Bailey encourages banks to create digital versions of traditional deposits rather than issuing stablecoins, viewing this approach as a safer way to maintain monetary stability and support the lending capacity of the banking system.
- He expressed a preference for banks to focus on developing tokenized deposits and exploring ways to digitalize money, especially in the context of payment systems, while highlighting the importance of regulatory supervision.
- Bailey’s stance suggests the UK may prioritize stability over innovation in stablecoins, contrasting with the U.S.'s pro-crypto approach and raising concerns about systemic risks and currency sovereignty.
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21 Articles
Andrew Bailey advocated against banks issuing their own digital currencies pegged to traditional currencies.
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Cryptocurrency News | Cryptocurrency Prices | Market CapThe Node: Stablecoin Supremacy
The governor of the Bank of England, Andrew Bailey, wrote a letter to the G20 yesterday stating that the Financial Stability Board (FSB) — the forum’s financial overseer, which Bailey was appointed to head in April — is assessing the role of stablecoins in payments and settlements as a top priority....
BoE Governor Andrew Bailey Cautions Banks On Stablecoins
Andrew Bailey, the Governor of the Bank of England (BoE) and the Chair of the Financial Stability Board, has given large banks a very clear warning about the dangers of creating their own stablecoins. Bailey recently said that stablecoins could be a threat to financial stability and told banks to focus on tokenised deposits as a safer way to integrate digital finance. This position puts the UK at odds with the US’s pro-stablecoin regulations, wh…
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