加密貨幣和穩定幣的存在越來越多，促使英國監管機構警告貨幣體系的穩定性危險。

英國的監管機構對穩定的影響越來越不安，加密貨幣行業可能對金融穩定和貨幣政策產生。

The increasing presence of cryptocurrencies and stablecoins is prompting UK regulators to warn of possible dangers to the stability of the monetary system.

加密貨幣和穩定幣的存在越來越多，促使英國監管機構警告貨幣體系的穩定性危險。

As reported by the Financial Times, members of the Financial Policy Committee (FPC) at the Bank of England (BoE) are growing increasingly uneasy about the effects stablecoins and the broader crypto industry may have on financial stability and monetary policy.

據《金融時報》報導，英格蘭銀行（BOE）的金融政策委員會（FPC）的成員對Stablecoins的影響越來越不安，並且更廣泛的加密貨幣行業可能對金融穩定性和貨幣政策產生。

At the FPC meetings on April 4 and 8, regulators pointed out that despite the growing interconnectedness of unbacked crypto markets with the economy, the rapid rise of stablecoins and crypto markets in the past year has intensified regulatory concern.

在4月4日至8日的FPC會議上，監管機構指出，儘管未回國的加密市場與經濟的相互聯繫日益增加，但過去一年中，穩定股和加密貨幣市場的迅速上升加劇了監管問題。

The UK, its central bank, and the Financial Conduct Authority have made developing stablecoin frameworks to enhance financial resilience a priority.

英國，中央銀行和金融行為當局已製定了製定StableCoin框架，以提高財務彈性。

The committee believes it has established the factors that contribute to a stablecoin’s resilience.

該委員會認為，它已經確定了有助於穩定的彈性的因素。

“A key determinant of the resilience of stablecoins was the liquidity, credit and market risks of their backing assets, which were in place to ensure that redemptions can be met in a timely manner at par, even in periods of stress.”

“穩定幣的彈性的關鍵決定因素是其支持資產的流動性，信貸和市場風險，這些資產的存在是為了確保即使在壓力時期，也可以及時兌現贖回。”

The committee raised alarm over the “greater issuance of sterling offshore stablecoins with inappropriate backing assets.”

該委員會對“以不適當的支持資產發行了斯特林離岸穩定幣的更大發行”發出了警報。 ”

The committee pointed out that this has implications for UK financial markets, emphasizing that, “even with appropriate regulation, greater use of stablecoins denominated in foreign currencies could make some economies vulnerable to the currency substitution.”

該委員會指出，這對英國金融市場有影響，強調：“即使適當的監管，更多地使用以外幣為數字的穩定幣也可能使一些經濟體易受貨幣替代的攻擊。”

Committee members are concerned that if stablecoin adoption grows beyond crypto settlements, it could affect cross-border payments in both retail and wholesale sectors.

委員會成員擔心，如果採用穩定的採用超出加密定居點，它可能會影響零售和批發部門的跨境支付。

Retail use of stablecoins by households and SMEs for cross-border payments could cause currency substitution, which would elevate counterparty risk.

家庭和中小型企業零售使用穩定的人用於跨境支付可能會導致貨幣替代，這將提高對手風險。

This statement followed reports about the expanding use of stablecoins in emerging markets, with a focus on Africa, extending beyond just crypto remittances.

該聲明遵循有關在新興市場中擴展使用Stablecoins的報導，重點是非洲，擴展了不僅僅是加密匯款。

Stablecoins now make up close to half of all transaction volume in Sub-Saharan Africa, as per a recent report by Chainalysis.

根據Chainalysis最近的一份報告，Stablecoins現在佔撒哈拉以南非洲所有交易量的近一半。

In late 2024, a report noted that a number of African emerging markets have the potential to position themselves as digital asset hubs.

2024年下半年，一份報告指出，許多非洲新興市場有可能將自己定位為數字資產中心。

Yet, experts have not reported such trends in developed economies where financial infrastructure is readily available.

然而，專家尚未報告在發達經濟體中可以隨時獲得金融基礎設施的趨勢。

Experts attribute the adoption of dollar-backed stablecoins and cryptocurrencies in developing countries, especially in Africa, to the scarcity of banking services and the volatility of local currencies.

專家將在發展中國家，尤其是非洲的美元支持的穩定幣和加密貨幣歸因於銀行服務的稀缺性和當地貨幣的波動。

Alongside the UK, other nations are equally concerned about the potential impact of stablecoins and the broader cryptocurrency industry on monetary stability.

與英國一起，其他國家同樣關注Stablecoins和更廣泛的加密貨幣行業對貨幣穩定的潛在影響。

According to the European Securities and Markets Authority (ESMA), the growing influence of crypto and its integration with traditional finance will increasingly undermine the stability of financial markets. ESMA’s executive director, Natasha Cazenave, commented:

根據歐洲證券和市場管理局（ESMA）的說法，加密貨幣及其與傳統金融的融合日益增長的影響將越來越破壞金融市場的穩定性。 ESMA的執行董事Natasha Cazenave評論說：

“We cannot rule out that future sharp drops in crypto prices could have knock-on effects on our financial system.”

“我們不能排除未來的加密價格急劇下跌可能會對我們的金融體系產生連鎖反應的影響。”

Local regulators have already started taking actions to address these concerns.

當地監管機構已經開始採取行動來解決這些問題。

To mitigate risks for policyholders, the European Union’s insurance regulator proposed in late March that insurance firms must maintain capital equivalent to their crypto holdings.

為了減輕保單持有人的風險，歐盟的保險監管機構在3月下旬提議，保險公司必須維持與加密貨幣持有的資本。

Recently, the European Central Bank has advocated for shielding Europe from the expanding hold of U.S. dollar-backed stablecoins.

最近，歐洲中央銀行倡導屏蔽歐洲免受美元支持的穩定股的擴大。

Piero Cipollone, an ECB executive, highlighted the U.S.’s increasingly crypto-friendly stance and its push to broaden the global presence of dollar stablecoins, which he considers worrisome.

歐洲央行高管皮耶羅·奇波隆（Piero Cipollone）強調了美國越來越友好的立場，並推動了擴大美元stablecoins的全球存在，他認為這令人擔憂。

In response, Cipollone suggests that launching a digital euro could curb the influence of foreign currency stablecoins as a prevalent form of exchange in the eurozone.

作為回應，Cipollone認為，推出數字歐元可以遏制外幣穩定幣作為歐元區中普遍的交流形式的影響。