Bank of England stablecoin limits slammed by UK crypto groups: Report

UK crypto and payments groups urged the Bank of England to drop plans to cap individual stablecoin holdings, claiming the move would be costly and hard to enforce.

United Kingdom-based cryptocurrency industry advocacy groups called on the Bank of England not to proceed with 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 ($13,558) 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.

Read more