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      tldr; Bank of England governor Andrew Bailey has warned against private banks issuing stablecoins, citing systemic risks to financial stability and potential loss of sovereign control over currencies. He advocates for tokenizing deposits instead and opposes the launch of a central bank digital currency (CBDC). As chairman of the Financial Stability Board, Bailey aims to regulate stablecoin proliferation. Stablecoins are a growing crypto sector, but concerns persist about their impact on global financial systems and currency dominance.

      *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

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