Andrew Bailey, governor at the Bank of England, has called on financial regulators to stop playing catch up in how they supervise digital payments methods such as stablecoin and cryptocurrencies.
“If stable coins are to be widely used as means of payment, they must have equivalent standards to those that are in place today for other forms of payment types and the forms of money transferred through them,” Bailey said in speech that the Brookings Institute, Reuters reported.
The statement comes after regulators and lawmakers have debated the use of cryptocurrencies for years, which is hardly surprising given that it seems as if everyone from Facebook to singer Akon are launching cryptocurrencies these days.
In fact, several central banks teamed up recently to investigate how they can create their own centrally-run digital currencies.
Those banks were the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, Sveriges Riksbank, the Swiss National Bank and the Bank for International Settlements (BIS).
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