BITPRISMIA
The US dollar is experiencing persistent weakness while the British Pound is rising robustly, driven by differing central bank policies, particularly the Bank of England's hawkish stance on interest rates.
Deutsche Bank has revised its GBP outlook upwards following a hawkish Bank of England meeting, signaling potential strength for the British Pound amid global forex market impacts.
The Bank of England cut interest rates by 25 basis points to 4%, a move that could have significant implications for the crypto market by influencing investor behavior and liquidity.
The article contrasts the differing regulatory approaches of the U.S. and UK towards Ripple and XRP, highlighting the Bank of England's early engagement with RippleNet for financial infrastructure development.
The Bank of England is considering abandoning its digital pound CBDC project due to public skepticism, privacy concerns, and significant expenditure, while shifting focus towards stablecoin oversight and bank restrictions.
The Bank of England is reconsidering the utility of a digital pound (CBDC) due to concerns about its necessity and potential downsides, shifting focus to whether existing payment systems can achieve similar goals.
The Bank of England warns that stablecoins pose a critical threat to the traditional banking system by potentially draining liquidity, and advocates for tokenized deposits issued by regulated commercial banks instead.
BOE Governor Andrew Bailey prefers tokenized bank deposits over private stablecoins, citing concerns over financial stability, while US lawmakers are advancing crypto-related legislation.