The Governor of the Bank of England called for the introduction of standards on stablecoins – a type of cryptocurrency – to make them “safe and resilient” for the public.

“If stablecoins are to be widely used as a means of payment, they must have equivalent standards to those that are in place today for other forms of payment types and the forms of money transferred through them,” said Andrew Bailey, speaking during a 3 September webinar hosted by US-based think-tank Brookings Institution.