Bank of England: Digital currencies pose threat to economy

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by The Guardian reports that according to research, high-street banks could face a flood of withdrawals leading to financial instability. Read on.

“The rise of digital currencies could lead to a flood of withdrawals from high-street banks, risking financial stability and the wider economy, the Bank of England has warned.

Threadneedle Street said that stablecoins – a new form of digital asset usually pegged to the value of a traditional currency – would need to be regulated in the same way as payments handled by banks if they became widely available.”

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