Bank of England Proposes Temporary Limits and Backing Requirements for Sterling Stablecoins

TLDR Bank of England launches consultation on rules for systemic sterling stablecoins in UK payments. New rules will apply to stablecoins that impact financial stability, overseen by the Bank of England. Stablecoin issuers must back reserves with UK government debt and Bank of England accounts. Temporary holding caps for individuals (£20,000) and businesses (£10M) to [...]

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