UK House of Lords committee urges Bank of England to ease proposed stablecoin restrictions
By
Jamie Crawley
A respectable bake. You'd come back tomorrow for another.
Summary
A U.K. House of Lords committee has called on the Bank of England to reconsider its proposed stablecoin regulations, including a 20,000 pound limit on individual holdings and a requirement for stablecoin issuers to hold at least 40% of backing assets in non-interest-bearing central bank deposits. The cross-party Financial Services Regulation Committee published these recommendations in a report titled "Stablecoins: waiting for regulation," arguing the current proposals may be too restrictive for the emerging digital asset market.
Key quotes
· 2 pulledThe cross-party Financial Services Regulation Committee of the U.K. Parliament's second chamber also advised reconsideration of requirements for stablecoin issuers to hold at least 40% of backing assets in central bank deposits yielding no interest
Stablecoins are digital tokens pegged to the value of a traditional financial asset, such as a fiat currency like the U.S. dollar
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