Bank Cripto Skeptic Andrew Bailey Bank England to run a Global Regulatory Group of the Bank

Andrew Bailey, long-term skeptic crypto, unanimously was chosen to lead an international body that follows the global financial system.

The bank of England Governor Andrew Bailey – famous for its cautious, often skeptical views of the CRIPTO – take over the Chair of Financial Stability in July, after providing unanimous support from a global body that helps form financial rules. Bailey will start his three-year term 1. July, after a formal meeting in June finalized.

The FSB with its headquarters in Switzerland helps that the global financial system is maintained in the check. Posted in 2009. After the financial crisis, it strives to bring together countries together to take care of markets and propose rules that lead banks, insurers, property managers and, recently, crypto firms also.

In a statement that Share FSB, Bailey said his appointment came at a time when the stability of the financial system “was set to test” Bloomberg reports.

He also noted that the global financial crisis “emphasized the importance of addressing the challenge collectively and strengthening the multilateral system,” he emphasizes that FSB “complains this approach.” Bailey will replace the Klaas node, which currently leads a group and is the president of the Dutch Central Bank.

Bailey is not a friend crypto

Bailey led the English bank of March 2020. years. Prior to that, he was the head of the financial behavior organs, the British Chief Financial Guardian. While the years was a central figure in the UK financial regulations, his views on crypto and digital currencies often made headlines.

For example, at the beginning of 2024. year when Bitcoin climbed next to $ 40,000, Bailey Despite doubts On cryptocurrencies such as BTC, saying that BTC “does not move as a basic financial service”. He also called Bitcoin “inefficient” and did not show many support for its use in everyday finances.

“This does not move as a basic financial service. For example, using Bitcoin as a payment service is quite inefficient. So I don’t think the integration into the financial system has retained the momentum that used to be there. But we have to hold a very close eye.”

Andrew Bailey

At Stablecoins, his position is a little measure, although it is still cautious. In February 2025. years, Bailey propose This stablecoins must meet a high bar “before delaying the main flow, emphasizing that you should adhere to strong regulatory standards for consumer protection and financial system.

Bailey also addressed the digital currencies of the central bank, such as a potential digital pound, asking questions about their necessity and guidance In the period from February 2024. year at the Chicago Booth business school that the banking industry must ask “why we need to introduce digital currencies of central bank to achieve such benefits.”

He also warned that the digital pound should not “undermine the role of commercial banks”, emphasizing that this concern is key to ensuring that the financial system is functioning properly as a whole.

Future implications

With Bailei downloaded as a FSB chief, it will not have full control of politics, but as FSB plays a big role in setting up global standards – especially on emerging anti-cryptes, in theory, in theory, start with a new weight.

The FSB is already focused on digital property. 2023. Years published New guidelines for this so that countries should monitor stablecoins and crypto platforms. At that time, the international body has already called for “comprehensive and consistent regulation and supervision of activities and cratted funds market”.

As a new chair, Bailey will probably have an impact on how global standards are developing, especially when it comes to the CRIPTO business. However, given its previous statements, there could be more emphasis on strong consumer protection, regulation and financial stability. His care of cryptus usefulness and risk can also change and how Caution FSB becomes in future work.

However, it remains unclear how many personal attitudes will shape the agenda. After all, the FSB is a consensus-based body, and decisions are often the result of long discussions among central banks, ministries of finance and regulators from tens of countries, not forming one individual.