Bank of England Governor Touts CBDCs Over Stablecoins: Report

Posted on by American Coins & Gold

Bank of England Governor Touts CBDCs Over Stablecoins: Report
The Governor of the Bank of England, Andrew Bailey, said that exploring a central bank digital currency (CBDC) would be better for financial stability than asset-backed stablecoins, which the banking chief said he was “skeptical” about.Speaking at a House of Lords’ Economic Affairs Committee on Tuesday, Bailey said a CBDC would be a better alternative than evolving towards “some world of (asset-) backed stablecoins which has money-like features which could be regulated,” Reuters reported.Bailey told the Lords Committee the BoE would not be moving into the retail bank account business through a CBDC, adding that it was not a monetary…