Bailey, said that he did not oppose digital currencies as such, including regulated stablecoins, but their introduction must comply with strict standards of financial stability. He noted that in some cases the existing state financial infrastructure may not require the introduction of the retail digital currency of the Central Bank (CBDC).
“I am not against the retail digital currency of the Central Bank, but if innovations develop as I see and suggest, then I wonder why we need it. I get out of the assumption that there should be some kind of benefit, and if we think differently, then it looks like a game of imagination, ”Bailey said.
He added that the potential advantages of CBDC, such as smart contracts and improved fraud protection, are confirmed, but in this case he is inclined to doubt that the launch of the consumer digital currency is necessary for their implementation.
Earlier, the Prudence Regulation Office (PRA) of the Bank of England announced the beginning of a study of the influence of tokenized assets, stablecoins and cryptocurrencies on a business in the UK.
Source: Bits
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