It was likely that public and private forms of digital currency would co-exist in future, so standard-setters needed to act now to ensure stablecoins were fit for task, Bank of England governor Andrew Bailey said in a a speech today (September 3).

He said there would “likely be a role for the private and public sector working together in the future of payments”. Bailey acknowledged stablecoins could bring benefits such as reduced frictions in the global payments network.

But he also said some