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《Financial Times》: Cryptocurrency Industry Opposes Bank of England's Proposed Stablecoin Holding Cap Plan
BlockBeats News, September 15th, according to the Financial Times, the cryptocurrency industry is urging the Bank of England to abandon its plan to restrict the amount of stablecoins individuals can hold, a proposal that would see the UK impose stricter regulations on the rapidly growing stablecoin market than the US or EU.
Bank of England officials had previously indicated plans to move forward with a proposal for caps on holdings of all systemic stablecoins — with individual caps set at £10,000 to £20,000 and business caps at £10 million. The plan reflects the Bank of England's concern that such digital currencies could weaken financial stability by drawing deposits away from the banking system, and highlights the UK's more cautious approach to cryptocurrency regulation compared to other countries and regions. The plan has sparked criticism from the cryptocurrency and payment industries.
Representatives from the crypto industry have pointed out that this would put the UK at a competitive disadvantage compared to other countries and regions, with significant challenges in regulatory implementation and high costs.
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