Cryptocurrency groups are calling on the Bank of England to abandon plans to limit how many stablecoins people can own, which would give the UK much stricter rules for the fast-growing market than the US or EU.
The central bank’s plan to restrict stablecoin ownership reflects concerns that the tokens could weaken the banking system by draining it of deposits and underscores how the UK has been more cautious on crypto regulation than other countries.
BoE officials said it planned to press ahead with proposals for imposing ownership limits of £10,000 to £20,000 for individuals and £10mn for businesses on all systemic stablecoins — defined as any widely used for UK payments or likely to be in the future.
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