Bank of England believes digital pound can coexist with private stablecoins

The institution ensures that both currencies can coexist and make important contributions to the economy

The Bank of England expressed its belief that the digital pound can coexist with private stablecoins. The Bank reportedly indicated that the digital pound could be supplemented with private stablecoins in a digital payment system.

In an interview, Bank of England Governor Andrew Bailey said the currency could help improve efficiency and security in the financial system. He added that the Bank is working on creating a more accessible digital payment system for everyone.

The Bank of England has been investigating the creation of a digital pound since 2019, with the aim of maintaining its role as a leader in financial innovation. The institution also spoke about the importance of having an adequate regulatory approach to guarantee the safety and protection of consumers.

Private stablecoins, on the other hand, are cryptocurrencies that are backed by real assets, such as gold or fiat currency. These digital currencies have gained popularity in recent years due to their stability and the possibility of faster and more secure transactions.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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