UK Crypto Groups Slam BoE’s Proposed Stablecoin Holding Caps
United Kingdom-based cryptocurrency industry advocacy groups have called on the Bank of England not to proceed with its plans to limit individual stablecoin holdings.
In a November 2023 discussion paper, the Bank floated setting individual caps on digital pounds between 10,000 British pounds and 20,000 pounds and asked for feedback on a possible lower limit of 5,000 pounds.
According to a Monday Financial Times report, industry groups criticized the plan, saying it would be difficult and expensive to implement and could leave the UK lagging behind other jurisdictions.
Tom Duff Gordon, vice-president of international policy at Coinbase, reportedly said that the limits would be bad for UK savers and the pound itself. “No other major…
