"The new money threatens the old system".. The Governor of the Bank of England sounds the alarm regarding stablecoins.
In an unprecedented and explicit warning, the Governor of the Bank of England and Chair of the Financial Stability Board, Andrew Bailey, warned of the deep risks posed by stablecoins to the global financial system, urging banks to refrain from issuing them, and confirming that they could undermine the sovereignty of countries over their currencies and destabilize markets if not subjected to a strict regulatory framework.