Bank of England Governor Bailey: Stablecoin regulation may trigger a confrontation between the US and international regulators

robot
Abstract generation in progress

Mars Finance News, according to Reuters, Bank of England Governor Andrew Bailey stated at the Financial Imbalance Conference that in order for stablecoins to become part of the global payment system, international unified standards must be established, which will directly compete with the Trump administration. Bailey also expressed concern that some US stablecoins cannot be directly exchanged for US dollars during crises and must be routed through crypto exchanges, posing liquidity risks. He warned that if a stablecoin runs into a bank run, large amounts of funds will flow into jurisdictions like the UK that have mandatory redemption obligations. Bailey is currently the chairman of the Financial Stability Board (FSB) and has long maintained a cautious stance on cryptocurrencies.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin