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Online Tech Giants Push Stablecoin Adoption
Posted on 05/13/2021
Jon Cunliffe is the Deputy Governor of the Bank of England. “First and foremost are the financial stability implications of the absence of public money for use by the general public,” Cunliffe said in speech on Thursday. “Ensuring confidence in money as a means of payment and store of value is fundamental to financial stability.”
As online commerce increases usage, stablecoins and other digital currencies could quickly gain support among consumers. Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference. The Bank of England is looking at the potential of creating a central bank digital currency. China and Sweden have explored digital central bank currencies. If approved, the digital currency would exist alongside cash and bank deposits, rather than replacing them.