Internet reports that Bank of England (BOE) Governor Andrew Bailey recently warned banks not to issue stablecoins, saying the Bank of England should focus on deposit tokenization. At the same time, stablecoins pose systemic risks to banking institutions, which may undermine the stability of the entire financial system and cause sovereign governments to lose control of their currencies. He also added that the Bank of England should not adopt central bank digital currencies (CBDC) or otherwise seek to launch centrally managed digital fiat tokens.