Global regulators will have to confront US policy on dollar-backed stablecoins as they seek international standards for payment tokens, Andrew Bailey said.
Bank of England Governor Andrew Bailey said international regulators will have to “wrestle” with the US over global rules for stablecoins, which are largely denominated in and backed by US dollars.
“If we want stablecoins to be part of the architecture of payments globally [...] they're only going to work if we have international standards,” Bailey said at a conference on Friday, according to Reuters.
“Frankly, that, I think, is going to be a coming wrestle with the [US] administration," he added.
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