UK Crypto Groups Criticize Bank of England’s Proposed Stablecoin Caps
The Financial Times (FT) reported on Monday that cryptocurrency groups are urging the Bank of England (BoE) to scrap proposals limiting the amount of stablecoins individuals and businesses can own.
The groups warned that the rules would leave the UK with stricter oversight than the U.S. or the European Union (EU).
According to the FT, BoE officials plan to impose caps of 10,000 british pounds to 20,000 British pounds ($13,600–$27,200) for individuals and about 10 million British pounds ($13.6 million) for businesses on all systemic stablecoins, defined as tokens already widely used for payments in the U.K. or expected to be in the future.
The central bank has argued the restrictions are needed to prevent outflows of deposits from banks…
