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The Governor of the Bank of England warns: stablecoins threaten public trust in currency.
PANews, July 3, reported by Bloomberg, that Andrew Bailey, the Governor of the Bank of England, warned that the rise of stablecoins could undermine public trust in currency as experts raise alarms about the threat posed by the large-scale adoption of dollar-backed Crypto Assets. In a speech released on Thursday, Bailey stated that the Central Bank needs to "pay close attention" to innovations in the payment sector to prevent them from introducing new vulnerabilities to the monetary system.