Why we should worry about the rise of stablecoins
Asset-backed digital currencies could pose risks to bedrock of global financial system
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The dangers of stablecoins
They are no substitute for money, even if usage is growing fast
Stablecoins can support financial safety
Fears that they make it easier for criminals to move money around are based on a misconception
Why the world should worry about stablecoins
Dollar-based digital currencies offer benefits for the US, but Britain and the EU are better off resisting them
Bank of England dilutes planned rules for UK stablecoins
Central bank partly backs down after industry criticism over plan for digital tokens
The stablecoin stumbling block
The crypto tokens are not yet safe enough to be used at scale in the settlement of large, wholesale financial transactions
The coming crypto crisis
Bipartisan backing of stablecoins will hurt America’s economy and its politics