PANews reported on September 15th that cryptocurrency groups are calling on the Bank of England to abandon its plan to limit the amount of stablecoins individuals can hold, a plan that would subject the UK to stricter regulatory rules than those in the US or EU for this rapidly growing market. The Bank of England's plan to limit stablecoin holdings reflects its concern that these tokens could weaken the banking system by draining bank deposits, and also highlights the UK's more cautious approach to cryptocurrency regulation than other countries. Bank of England officials said the bank plans to move forward with proposals to impose a cap of £10,000 to £20,000 on all systemic stablecoins (defined as any stablecoin that is widely used for payments in the UK or has the potential to become widely used in the future) for individual holdings and £10 million for corporate holdings. However, the plan has drawn criticism from cryptocurrency and payment groups, who say it would put the UK at a disadvantage relative to other countries and would be difficult and costly to implement in the market.PANews reported on September 15th that cryptocurrency groups are calling on the Bank of England to abandon its plan to limit the amount of stablecoins individuals can hold, a plan that would subject the UK to stricter regulatory rules than those in the US or EU for this rapidly growing market. The Bank of England's plan to limit stablecoin holdings reflects its concern that these tokens could weaken the banking system by draining bank deposits, and also highlights the UK's more cautious approach to cryptocurrency regulation than other countries. Bank of England officials said the bank plans to move forward with proposals to impose a cap of £10,000 to £20,000 on all systemic stablecoins (defined as any stablecoin that is widely used for payments in the UK or has the potential to become widely used in the future) for individual holdings and £10 million for corporate holdings. However, the plan has drawn criticism from cryptocurrency and payment groups, who say it would put the UK at a disadvantage relative to other countries and would be difficult and costly to implement in the market.
The UK crypto industry opposes the country's central bank's proposed plan to limit the amount of stablecoins that individuals can hold.
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PANews reported on September 15th that cryptocurrency groups are calling on the Bank of England to abandon its plan to limit the amount of stablecoins individuals can hold, a plan that would subject the UK to stricter regulatory rules than those in the US or EU for this rapidly growing market. The Bank of England's plan to limit stablecoin holdings reflects its concern that these tokens could weaken the banking system by draining bank deposits, and also highlights the UK's more cautious approach to cryptocurrency regulation than other countries. Bank of England officials said the bank plans to move forward with proposals to impose a cap of £10,000 to £20,000 on all systemic stablecoins (defined as any stablecoin that is widely used for payments in the UK or has the potential to become widely used in the future) for individual holdings and £10 million for corporate holdings. However, the plan has drawn criticism from cryptocurrency and payment groups, who say it would put the UK at a disadvantage relative to other countries and would be difficult and costly to implement in the market.
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