TechFlow, July 3 — According to Bloomberg, Bank of England Governor Andrew Bailey warned on Thursday that the rise of stablecoins could undermine public trust in money, as experts voice growing concerns over the risks posed by the expanding use of dollar-backed cryptocurrencies.
In a speech released on Thursday, Bailey said central banks need to "closely monitor" the new vulnerabilities that payment innovations may bring to the monetary system. This warning highlights ongoing concerns among traditional financial institutions about the rapid development of cryptocurrencies such as stablecoins, particularly their potential impact on existing monetary systems and financial stability.
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