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:
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