The Guardian view on Trump’s crypto push: Britain is right to say no to digital currency politics | Editorial

As the US president’s family profits from private money, the Bank of England is showing necessary leadership by rejecting the hypeHype too often influences policymakers when it comes to regulating markets. So it was reassuring to hear Sir Andrew Bailey, the governor of the Bank of England, resist the momentum behind cryptocurrencies. In his July Mansion House speech, he reiterated his scepticism over the need for a “Britcoin” central bank digital currency or a UK stablecoin, with tokens issued by finance houses and backed by their sterling reserves. As Donald Trump signs stablecoins into US law and rebrands private dollars with political colours, Sir Andrew’s caution isn’t just prudent, it’s essential.The governor’s view is that UK banks should not be allowed to issue their own stablecoins. Nor should the Bank effectively run Britcoin bank accounts without clear public benefit. These are not the views of a luddite, but of a regulator worried, correctly, about creating a new class of imprudent assets. The key question is not whether new technologies can be adopted in finance, but whether they should be – especially when the consequences of failure could affect the wider economy.Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here. Continue reading...

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