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UK Multi-Party MPs Call for Revision of Stablecoin Regulatory Framework Proposed by Bank of England
Summary: According to CoinDesk, a coalition of MPs from various parties in the UK has written to Chancellor of the Exchequer Rachel Reeves, urging for modifications to the stablecoin framework proposed by the Bank of England to prevent stifling innovation and capital flight. The MPs warned that the Bank of England's draft framework restricts the use ...
According to CoinDesk, a coalition of MPs from various parties in the UK has written to Chancellor of the Exchequer Rachel Reeves, urging for modifications to the stablecoin framework proposed by the Bank of England to prevent stifling innovation and capital flight. The MPs warned that the Bank of England's draft framework restricts the use of stablecoins in wholesale markets, prohibits interest on reserves, and sets a holding limit of £20,000, which could weaken London's status as a global financial center and push investors towards alternative currencies pegged to the US dollar. The letter calls for the establishment of a forward-looking stablecoin framework to ensure international investment, support the growth of high-value financial technology, and solidify the UK's position as a global innovation hub.
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Link: UK Multi-Party MPs Call for Revision of Stablecoin Regulatory Framework Proposed by Bank of England [Copy]
