#NFPWatch Stablecoins are a threat to the credibility of money, according to BoE.
#TrumpVsMusk #REX-OSPREYSolanaETF
✨✨✨✨✨✨💥💥💥✨✨✨
The public's perception of traditional money could be seriously affected by the rise of cryptocurrencies. This is what the Governor of the Bank of England (BoE), Andrew Bailey, claims. The official asserts that stablecoins, in particular, pose a direct threat to people's trust in national currencies.
The view that dollar-backed currencies could harm the financial stability of various markets seems to gain traction. Representatives from major central banks, such as the European Central Bank, also warn about the implicit dangers of these digital currencies compared to national currencies. However, the reality is that the level of fiat money has already been eroded.
In fact, the emergence of cryptocurrencies was a response to the flaws of the financial system based on unchecked money issuance. Nevertheless, Governor Bailey believes that it is stablecoins that could ultimately undermine its level. In a speech quoted by Bloomberg this Thursday, he warned that central banks must carefully observe the adoption of these assets.
#OneBigBeautifulBill Stablecoins are preparing to reign in the new era
The United States is rapidly advancing in the creation of a regulatory framework for stablecoins. This is an initiative that is gaining momentum, judging by the pressure from officials in the Trump administration. The U.S. administration clearly acknowledges that the goal of stablecoins is to expand and consolidate the global dominance of the dollar.
This confession raises alarm among monetary leaders of other markets, both developed and emerging.