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Andrew Bailey’s stablecoin U-turn hailed as ‘positive step’
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City AM
Andrew Bailey’s stablecoin U-turn hailed as ‘positive step’Andrew Bailey has changed his tune on UK stablecoin prospects.
Andrew Bailey has issued a major climb down on stablecoins after previously being accused of “killing” the country’s ambitions with “prescriptive” views.
Bailey previously told the Treasury committee he would need “a lot of convincing” for the use case of stablecoin.
Read more A Rachel Reeves and Andrew Bailey clash risks Britain’s stablecoin dreamHirt said Bailey’s comments marked an “important step in acknowledging that the real question is less about inherent risks in stablecoin themselves”.
Bailey said: “We will set out that widely used UK stablecoins should have access to accounts at the BoE in order to reinforce their status as money.