BOE’s Bailey Softens Skepticism on Future Role of Stablecoins

Bank of England Governor Andrew Bailey signaled a softer approach toward stablecoins on Wednesday, saying that the digital currency could drive innovations in payments and co-exist with the current financial system.

In an opinion piece for the Financial Times, he said that it would be “wrong to be against stablecoins as a matter of principle” but added that they must ensure they maintain public trust as the central bank prepares to unveil proposals on regulating the digital assets.