Facebook Stablecoin Would Be ‘Very Big Challenge’: BOE’s Bailey

Bank of England Governor Andrew Bailey says Facebook would pose a “very big challenge to the system” if it went ahead with launching a stablecoin.

• “Is it going to be a form of narrow bank, what effect would it have, and the House of Lords report raises these issues,” he told lawmakers on Wednesday
• NOTE: U.K. Lords See No Convincing Case for BOE to Make Digital Pounds (Jan. 13)
• “What effect would it have on the existing system and do we think that’s the right way to go?” Bailey says
• “Is it sensible to have that sort of innovation or ...