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BoE's Bailey says progress on global stablecoin standards has slowed
Bank of England Governor Andrew Bailey said on Wednesday that progress on establishing international standards for so-called stablecoins, cryptoassets which are pegged to a fiat currency such as the dollar, had slowed over the last year. Bailey, who also chairs the Financial Stability Board, commented on the timing of global standards in the context of his concerns about "assured value", the confidence that a stablecoin can always be redeemed at face value, on the sidelines of the International Monetary Fund’s Spring Meetings. "We do have to have international standards to it to underpin assured value. I don't ... (full story)