Jon Cuncliffe, the deputy governor for financial stability of the United Kingdom’s central bank, the Bank of England (BoE), has warned that the emergence of a cryptocurrency economy may weaken or eliminate bank credit issuance.
In a speech delivered to the London School of Economics on Feb. 28, Cunliffe predicted that the integration of stablecoins on social media platforms could lead to people putting much of their money currently held with banks into stablecoin wallets, warning:
Bank of England Warns Crypto Adoption May Impact Credit Creation
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.