Bank of England Governor Andrew Bailey criticized for making unnecessary "inflammatory" remarks about stablecoins
Jinse Finance reported that Mintable CEO Zach Burks recently commented that Bank of England Governor Andrew Bailey's "unnecessarily inflammatory" remarks about stablecoins are "political maneuvering." In an interview, Burks stated that stablecoins do not pose a risk to the global financial system. He pointed out that almost all stablecoins have a "blacklist function" that can freeze funds stolen by hackers; moreover, most stablecoins are operated by publicly listed companies or regulated institutions and are "already subject to relevant legal constraints." In Burks' view, Bailey and the Bank of England are deliberately criticizing stablecoins because "stablecoins threaten the viability of central bank digital currencies (CBDCs), which are a core part of the Labour Party's 'digital identity' agenda." He added that this kind of "fear-mongering is intended to influence the initial perception of those who are unfamiliar with blockchain technology."
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