LONDON (Reuters) – Bank lending The rise of digital currencies such as Facebook’s Libra could lead to a drying up of credit flowing into the broader economy, Bank of England Deputy Governor Jon Cunliffe said on Friday.
Central banks are grappling with the implications of crypto-currencies for their economies, and the BoE has previously warned that risks from Libra and other new forms of payment must be considered carefully before they can get a green light.
Cunliffe said it was possible that so-called stablecoins linked to big technology and social media platforms could lead to people moving much or all of their money away from bank accounts to virtual wallets provided by non-bank firms.
“In such a world, and depending on how and whether stablecoins were backed with other financial assets, the supply of credit to the real economy through the banking system could become weaker or indeed disappear,” he said. “That would be a change with profound economic consequences.”
Authorities needed to ensure that any stablecoins used as money meet the standards applied to commercial bank money and passed other tests in areas such as competition, data protection and anti-money laundering, Cunliffe said.
The importance of the feasibility study report
The importance of the feasibility study report, if you have some experience with feasibility studies, you may know that this report is very important
It greatly helps to get the most professionalism and success in the project that you are thinking of,
It is also often the responsibility of the project manager to control the writing of the report and it is comprehensive for all aspects of the project.
The importance of writing the report is to provide legal and technical evidence of the vitality of the project
Its sustainability, cost-effectiveness, project success, and profit earning,
It also enables the reporting process for senior management to obtain the necessary information needed to make major decisions
Regarding budget preparation and investment planning, we will provide you with some important information on the importance of the feasibility study report.