Bank Of England Open To Review Stablecoin Ownership Cap Proposal Following Backlash
The Bank of England (BoE) has indicated it is open to revising its proposed regulations for systemic pound-pegged stablecoins following significant backlash from lawmakers and industry leaders. Deputy Governor Sarah Breeden stated the central bank is considering alternatives to its controversial proposals, which include temporary ownership caps of £10,000-£20,000 for individuals and £10 million for businesses, and a requirement for issuers to hold at least 40% of reserves as deposits at the BoE. Industry figures argued the caps are too restrictive and administratively burdensome, potentially damaging the UK's ambition to be a digital asset hub. The BoE plans to release draft rules for consultation in June and finalize them by year-end.
bitcoinist03/13 09:21
