The governor of the central financial bank, Andrew Bailey, noticed that he is sceptical towards stable coins and their safety. He also compared them with assets provided by the central bank that meet all rules.
In addition, Bailey marked that these coins have no stability needed for the current economy and its developing segment of digital payments. He said that they act like fiat money, but they could not be regulated.
Financial authorities are anxious about privacy as well as stability that are brought by the technology hidden behind these assets.