according to Techinasia, Andrew Bailey, the Governor of the Bank of England, emphasized that banks should not issue stablecoins on their own, as it may bring systemic risks and weaken the sovereignty of currency control. Bailey advocates prioritizing tokenized deposits over stablecoins or central bank digital currencies (CBDC). This stance contrasts sharply with the direction of the Trump administration's push for stablecoin legislation, which aims to allow private institutions to issue stablecoins through the "GENIUS Act."
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Bank of England Governor warns: Banks must not issue stablecoins on their own
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