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<p> <h3 class="m-size-18"><span style="display: initial;" class="m-font-size-18" m-font-size-set="true">Governor of the BOE Highlights Opportunities for Stablecoins in the Changing Digital Currency Environment</span></h3>
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<div class="u_1250789679 dmNewParagraph" data-element-type="paragraph" id="1250789679" style="transition: none 0s ease 0s; display: block; text-align: left;" data-version="5"><p><span style="display: initial;">In a presentation on July 10, Bank of England (BOE) Governor Andrew Bailey provided his insights on digital currencies, underscoring the promise of "enhanced digital money" while voicing concerns regarding cryptocurrencies and stablecoins. He stressed the importance of regulatory oversight, stability, and usability in the developing financial environment.</span></p><p><span style="display: initial;">While noting the shortcomings of cryptocurrencies and stablecoins in fulfilling the criteria of money singularity and settlement completion, Bailey acknowledged the possible integration of stablecoins into the financial ecosystem with the enactment of the Financial Services and Markets Act. This regulatory change could potentially lead to stablecoins adhering to established regulations, thus creating an opportunity for broader acceptance.</span></p><p><span style="display: initial;">Bailey proposed that the notion of "enhanced digital money" presents promising possibilities, where digital currencies operating within computational systems can be upgraded to serve as monetary units capable of executing supplementary functions via smart contracts. This strategy is intended to harness the advantages of digital currencies while ensuring adherence to regulations and maintaining strong functionality.</span></p><p><span style="display: initial;">Furthermore, Bailey explored the benefits of a retail central bank digital currency (CBDC) in fostering the unity of money and granting the public access to fully operational central bank money for everyday transactions. He acknowledged that well-devised enhanced digital money need not be exclusive to central banks, yet he highlighted the unique advantages a retail CBDC could provide, ensuring reliability and stability within the financial system.</span></p><p><span style="display: initial;">In terms of wholesale CBDCs, Bailey disclosed that the BOE has significantly upgraded its Real-Time Gross Settlement (RTGS) system, effectively positioning it to incorporate central bank digital money alongside tokenised transactions. He argued that this integration could be conducted efficiently and effectively, potentially removing the requirement for a separate wholesale CBDC.</span></p><p><span style="display: initial;">Despite the progress in digital currency, Bailey reaffirmed the lasting significance of physical cash, asserting that cash will remain vital. His statements reflect the BOE's dedication to evolving and enhancing the financial infrastructure while addressing the opportunities and challenges associated with digital assets.</span></p><p><span style="display: initial;">Andrew Bailey's address highlighted the prospects of "enhanced digital money" and the importance of regulatory frameworks in shaping the future of digital currencies. The enactment of the Financial Services and Markets Act could create pathways for stablecoins to conform to existing regulations, unleashing their potential within the financial sector. As the realm of digital currency progresses, Bailey's insights illuminate the BOE's vision for a digitally-driven financial future grounded in regulatory assurance and enhanced capabilities.</span></p></div> <div data-element-type="dYouTubeId" class="u_1126314920 youtubeExt dmNoMark youtube-padding-fix" id="1126314920"> <p>
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<div class="u_1794071796 dmNewParagraph" data-element-type="paragraph" data-version="5" id="1794071796"><p class="text-align-center" style="line-height: initial;"><span style="display: unset; font-weight: 700;">Disclaimer:</span></p><p class="text-align-center" style="line-height: initial;"><span style="display: unset;">GlobalStablecoins.com serves as an informational platform providing news on coins, blockchain companies, blockchain products, and blockchain events. Do not interpret it as investment advice. Consult with a financial advisor prior to making any investments in ICOs, Cryptocurrencies, Cryptoassets, Security Tokens, Utility Tokens, Exchange Tokens, Global Stablecoins, Stablecoins, or eMoney Tokens. GlobalStablecoins.com is not liable, either directly or indirectly, for any damages or losses incurred, claimed or otherwise, due to the use or reliance on any content found on the site.</span></p><p class="text-align-center" style="line-height: initial;"><span style="display: unset; font-weight: 700;"><br/>Affiliate Disclosure / Sponsored Posts:</span></p><p class="text-align-center" style="line-height: initial;"><span style="display: unset;">If any sponsored posts reference a crypto project, we advise our readers to conduct their own research before proceeding. GlobalStablecoins.com does not endorse the purchase, sale, or holding of any cryptocurrency by you. Ensure that you perform your own due diligence and seek advice from your financial advisor prior to making any investment decisions.</span></p><p class="text-align-center" style="line-height: initial;"><span style="display: unset; font-weight: 700;">Before investing in Cryptoassets, you should be aware of the following:</span></p><p class="text-align-center" style="line-height: initial;"><span style="display: unset; font-weight: 700;">Cryptoassets are regarded as very high-risk speculative investments.</span></p><p class="text-align-center" style="line-height: initial;"><span style="display: unset; font-weight: 700;">If you choose to invest in Cryptoassets, be prepared to potentially lose all your investment.</span></p><p class="text-align-center" style="line-height: initial;"><span style="display: unset;">All Sponsored Posts are financed by crypto projects, coin foundations, advertising firms, PR agencies, or other marketing organizations. GlobalStablecoins.com is independent of any marketing agency and is not owned by any cryptocurrency or blockchain foundation.</span></p><p class="text-align-center" style="line-height: initial;"><span style="display: unset;">The purpose of offering Sponsored Posts to advertisers is to support the regular operations of GlobalStablecoins.com.</span></p><p class="text-align-center" style="line-height: initial;"><span style="display: unset;">If you notice a Sponsored Post that appears fraudulent or questionable, please contact us, and we will promptly investigate.</span></p></div>
</div>BOE Governor Highlights Stablecoins’ Role in Digital Economy[embed]https://www.youtube.com/watch?v=7O27RqpqfpY[/embed]
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