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Writing in the FT this week, Andrew Bailey said it would be “wrong to be against stablecoins as a matter of principle,” while arguing for their potential for “driving innovation in payments systems both at home and across borders.”
“It is possible, at least partially, to separate money from credit provision, with banks and stablecoins coexisting and non-banks carrying out more of the credit provision role,” Bailey wrote, adding that it was “important to consider the implications of such a change thoroughly before going ahead.”
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