Bank of England Governor Bailey: Stablecoins Are Not Robust and Do Not Meet the Standards of Safe Money

Bank of England Governor Bailey says cash will still exist despite the advent of digital currencies. Stablecoins are not robust and do not meet the criteria of a safe currency. Our work on retail central bank digital currencies does not change our commitment to physical currencies. The main motivation for launching a retail central bank digital currency is to ensure that the public has central bank money that they can use in their daily lives. Bitcoin-type cryptocurrencies are best viewed as highly speculative assets.

Bank of England Central Bank Digital Currency

Comments

All Comments

Recommended for you

Cointime精选 ·

Lightning In A High Fee Environment: Implications for Bitcoin’s Scalability

The topic of scaling Bitcoin dates back to its very first mailing post. In response to Satoshi’s original message, James McDonald said, “We very, very much need such a system, but the way I understand your proposal, it does not seem to scale to the required size” — a remark that probably wasn’t the welcome Satoshi had anticipated. Nonetheless, this marked the beginning of a seemingly never ending, complex debate.
Messari ·

Optimism Q1 2024 Brief

Optimism (OP) is a Layer-2 Ethereum scaling protocol. It aims to increase Ethereum’s transaction throughput while decreasing transaction costs via Optimistic Rollups.
Cointime精选 ·

Why should I care about Lens Network as a writer/creator?

Lens Protocol just announced its latest development: the Lens Network. It is an ambitious infrastructure building plan aiming at revolutionising the future of online social spaces. Through this effort, Lens aims to break the "walled garden", a troubling issue that plagues current social media networks, and make the future social spaces more open and fairer for billions of users online.
Messari ·

State of Cosmos Hub Q1 2024

Cosmos Hub (ATOM) is an individual appchain focused on interoperability and security. It is a Proof-of-Stake (PoS) sovereign blockchain with an account-based accounting model and no native smart contract functionality. Cosmos Hub pioneered technologies such as Cosmos SDK, CometBFT (Tendermint), ABCI, and IBC, which were later used by many Interchain networks. The Interchain consists of sovereign networks connected by the common interoperability protocol: IBC. The Interchain is also referred to as the Cosmos Ecosystem.
Cointime精选 ·

Exploring Farcaster & Frames – the Composable Social Platform

Farcaster is a decentralized social networking platform similar to Twitter that is based on Optimism, Ethereum’s layer 2. Farcaster’s main goal is to facilitate communication and value transfer between different decentralized applications and platforms.
U.S. senators propose spending $32 billion to develop AI and build safeguards around it

A bipartisan group of four senators led by Chuck Schumer, the leader of the majority party in the United States, has proposed that Congress spend at least $32 billion over the next three years to develop artificial intelligence (AI) and establish safeguards around it.
PermaDAO ·

Wealth Creation Effect Emerges! AO, the Hyper-Parallel Computer, Released for Two Months: Surge in Network Activity, AI-Powered Financial Infrastructure Leading the Comprehensive Development of the Ecosystem

Over the past two months in the crypto market, MEME concept coins have shown remarkable performance, resembling the potential of value coins.
CryptoBrand ·

Web3 Community Growth Strategies: How to Build a Successful Community

Use TaskOn to maximum your project's growth.
CryptoQuant: Bitcoin demand is now in acceleration mode again after two months of decline

On May 16th, cryptocurrency analysis company CryptoQuant stated in a report that despite a rebound in Bitcoin demand from the low point of the accumulation range, after two months of downward trend, Bitcoin demand is once again in "acceleration mode".
Fed's Schmid: Low interest rate environment "may not necessarily" return

The Federal Reserve's Schmid said that the overall economy is still strong. Inflation is still too high, and the Federal Reserve has more work to do. Interest rates may remain high for a period of time, and I prefer to reduce the Federal Reserve's balance sheet as much as possible under the premise of compliance with the operating framework. The low interest rate environment may "not necessarily" return.