UK Markets close in 21 mins
  • FTSE 100

    6,412.75
    +78.91 (+1.25%)
     
  • FTSE 250

    19,741.79
    +159.44 (+0.81%)
     
  • AIM

    1,032.65
    -2.39 (-0.23%)
     
  • GBP/EUR

    1.1243
    -0.0009 (-0.08%)
     
  • GBP/USD

    1.3355
    +0.0033 (+0.2471%)
     
  • BTC-GBP

    14,485.53
    +639.38 (+4.62%)
     
  • CMC Crypto 200

    383.01
    +13.26 (+3.59%)
     
  • S&P 500

    3,620.83
    +43.24 (+1.21%)
     
  • DOW

    29,962.73
    +371.46 (+1.26%)
     
  • CRUDE OIL

    44.81
    +1.75 (+4.06%)
     
  • GOLD FUTURES

    1,802.90
    -34.90 (-1.90%)
     
  • NIKKEI 225

    26,165.59
    +638.22 (+2.50%)
     
  • HANG SENG

    26,588.20
    +102.00 (+0.39%)
     
  • DAX

    13,291.81
    +164.84 (+1.26%)
     
  • CAC 40

    5,554.29
    +62.14 (+1.13%)
     

Bank of England 's Bailey says stablecoins do not meet grade for broad use

·1-min read
Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London
Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London

LONDON (Reuters) - Bank of England Governor Andrew Bailey said he did not think that privately operated digital currencies known as stablecoins were suitable for widespread use or could be trusted as a safe store of value like many traditional currencies.

"The bar is set very high for private stablecoins, and I don't think they have met that bar," Bailey told a European Central Bank panel discussion, echoing previous scepticism about projects such as Facebook's Libra.

"It may be that the answer ... is actually a central bank digital currency, where you would get that guarantee and certainty of value," he added.

(Reporting by David Milliken; editing by Stephen Addison)