BoE Faces Crypto Industry Backlash
The Bank of England is weighing a plan that could reshape the future of stablecoins in the UK, and not everyone is on board.
Proposals suggest hard limits on ownership: £10,000 to £20,000 for individuals and £10 million for businesses when it comes to systemic stablecoins—tokens either already widely used for payments or expected to be.
The measure, presented as part of the BoE and FCA’s emerging regulatory framework, reflects deep concerns about financial stability.
The fear is clear: if stablecoins become too common, deposits could drain from traditional banks, undermining the system’s resilience. Capping ownership is seen as a safeguard, perhaps even a temporary one, to slow down adoption while the infrastructure adapts.
Yet…
