Bank of England Governor Bailey: Stablecoins Are Not Robust and Do Not Meet the Standards of Safe Money

Bank of England Governor Bailey says cash will still exist despite the advent of digital currencies. Stablecoins are not robust and do not meet the criteria of a safe currency. Our work on retail central bank digital currencies does not change our commitment to physical currencies. The main motivation for launching a retail central bank digital currency is to ensure that the public has central bank money that they can use in their daily lives. Bitcoin-type cryptocurrencies are best viewed as highly speculative assets.

Bank of England Central Bank Digital Currency

Comments

All Comments

Recommended for you

CointimeSG ·

What's next at the SEC in a post-Gary Gensler era

The U.S. Securities and Exchange Commission is likely to look a lot different than years past after the resignation of Chair Gary Gensler and a new boss rolls in.
CointimeSG ·

Meme Coin for a Cause: A Father’s Campaign Nets $14 Million for Brain Tumor Research

Meme coins like MIRA showcase their potential to drive meaningful social impact, raising millions for rare brain tumor research.
CointimeSG ·

Hong Kong stablecoins bill advances to the Legislative Council

The proposed bill includes specified licensing requirements for stablecoin issuers, offering and marketing restrictions and broader consumer protection.
CointimeSG ·

Dogecoin’s 32% Crash Can Only be Recovered by Whales

Dogecoin struggles to recover, with price at $0.32 after a 32% crash; $0.32 support level is crucial for a turnaround.
CointimeSG ·

Ethereum NFTs drive weekly volume to $304M, NFT promoters face fraud charges: Nifty Newsletter

Ethereum NFT collections surged, driving weekly sales volumes above $300 million.
CointimeSG ·

Thailand May Consider Piloting a Bitcoin Payment Project

Thailand launched a Digital Asset Regulatory Sandbox to explore Bitcoin-based tourism payments in Phuket.
CointimeSG ·

Coffee goes onchain as Agridex settles first-ever transaction on Solana

Real-world asset tokenization could become a multitrillion-dollar industry by 2030, according to Boston Consulting Group.
Vivek Ramaswamy X's account was hacked, and the cooperation with USUAL was fake news

Vivek Ramaswamy, who co-leads the US government efficiency department with Musk, confirmed that his X account was hacked and false news about cooperation with USUAL was previously released.
Binance Alpha announces first batch of projects: KOMA, Cheems, APX, ai16z, and AIXBT

according to official sources, Binance Alpha has announced its first batch of projects, which are: KOMA, Cheems, APX, ai16z, and AIXBT.
ZachXBT: X platform account leakage may be related to the lack of 2FA security measures

blockchain detective ZachXBT wrote: "Recently, there have been many account leak incidents on X platform. I suspect that these accounts did not use secure keys or identity verification programs for 2FA."