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Bank Of England Limits UK Stablecoin Holdings
Bank Of England Limits UK Stablecoin Holdings. Photo By Robert Bye On Unsplash.
The Bank of England is preparing to put a limit on UK individual and business stablecoin holdings, according to the Financial Times.
Not too long after a somewhat of an influential speech by Sasha Mills from the Bank of England, fostering a more positive outlook on the future of the stablecoin and tokenization, it is understood that executives prefer a near-term strategy will have certain restrictions on both UK citizens and businesses in regards to exactly how much can be held in accounts.
Speaking on the turn of events, VP of Coinbase Tom Gordon expressed:
"Imposing caps on stablecoins is bad for UK savers, bad for the City and bad for sterling. No other major jurisdiction has deemed it necessary to impose caps."
This may include a ceiling of up to £20K for the former, and up to £10M for the latter, a move which increases the perception of a failing domestic stablecoin regulation. Coinbase in particular is looking to expand its UK customer base, following its banned advert promoting the freedom of digital money as an alternative to a poor economic landscape and living conditions.
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