Stablecoins should be regulated like commercial bank money, and CBDCs cannot be ruled out, said bankofengland Governor Andrew Bailey, as the country explores the issuance of a digital pound. camomileshumba reports
Bailey said that stablecoins, which are digital currencies pegged to the value of other assets like fiat currencies,"purport" to be money but do not have an assured value.
"At the Bank of England we have concluded that the public should expect assured value in digital money, and confidence in this is needed to underpin financial stability," Bailey said. "For stablecoins to function as money they will need to have the characteristics of, and be regulated as, inside money," he added, referring to money issued by private entities like commercial banks.terraUSD last year wiped out billions of dollars from the crypto market and prompted regulators to question the stability of stablecoins.
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