PANews reported on October 8th that Bloomberg News reported that the Bank of England plans to exempt proposed limits on corporate stablecoin holdings, signaling a softening of its stance on crypto assets in the face of US competition. People familiar with the matter revealed that the Bank of England intends to exempt businesses, such as cryptocurrency exchanges, that need to hold large amounts of stablecoins. It also intends to allow businesses to use stablecoins for settlement in an experimental digital securities sandbox, suggesting a softening of Governor Andrew Bailey's previously skeptical stance. The Bank of England declined to comment. The digital payments industry is concerned that the UK will struggle to compete with the US Genius Act, and the Bank of England plans to impose limits on stablecoin holdings by individuals and businesses, with a consultation document expected to outline this before the end of the year. Bailey had previously dismissed both stablecoin and digital pound projects, and this exemption is seen as a significant shift.PANews reported on October 8th that Bloomberg News reported that the Bank of England plans to exempt proposed limits on corporate stablecoin holdings, signaling a softening of its stance on crypto assets in the face of US competition. People familiar with the matter revealed that the Bank of England intends to exempt businesses, such as cryptocurrency exchanges, that need to hold large amounts of stablecoins. It also intends to allow businesses to use stablecoins for settlement in an experimental digital securities sandbox, suggesting a softening of Governor Andrew Bailey's previously skeptical stance. The Bank of England declined to comment. The digital payments industry is concerned that the UK will struggle to compete with the US Genius Act, and the Bank of England plans to impose limits on stablecoin holdings by individuals and businesses, with a consultation document expected to outline this before the end of the year. Bailey had previously dismissed both stablecoin and digital pound projects, and this exemption is seen as a significant shift.
Bank of England plans exemptions from proposed limits on corporate stablecoin holdings
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PANews reported on October 8th that Bloomberg News reported that the Bank of England plans to exempt proposed limits on corporate stablecoin holdings, signaling a softening of its stance on crypto assets in the face of US competition. People familiar with the matter revealed that the Bank of England intends to exempt businesses, such as cryptocurrency exchanges, that need to hold large amounts of stablecoins. It also intends to allow businesses to use stablecoins for settlement in an experimental digital securities sandbox, suggesting a softening of Governor Andrew Bailey's previously skeptical stance. The Bank of England declined to comment. The digital payments industry is concerned that the UK will struggle to compete with the US Genius Act, and the Bank of England plans to impose limits on stablecoin holdings by individuals and businesses, with a consultation document expected to outline this before the end of the year. Bailey had previously dismissed both stablecoin and digital pound projects, and this exemption is seen as a significant shift.
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