Bank of England Chairman Bailey: Stablecoins can be profitable and the market needs to shift to using new forms of digital securities.

According to the Bank of England data release, Bank of England President Bailey said that as new digital currency data becomes more important due to innovation, we need to look at if they meet our public policy objectives. Stable coins, unlike crypto assets like Bitcoin, do not support Bitcoin and therefore do not provide an anchor for price stability. Stablecoins allow you to get your assets back, so they can be very profitable. In terms of the importance and security of the financial system, Stabilitycoins can be systemic. In order for the new form of digital rewards to be fulfilled, it must be recognized as a store of value and a guarantee of payment. With the advent of new forms of digital securities, there is a risk that it will cause damage to financial markets in the short term. In the long term, however, the market must shift towards the introduction of new forms of digital benefits.