Financial time (Ft) said on Monday that cryptocurrency groups urged the Bank of England (BOE) To eliminate proposals limiting the quantity of stablescoins, individuals and businesses may have.
Groups have warned that the rules would leave the United Kingdom more strict surveillance than the United States or the European Union (EU).
According to the FT, BOE officials plan to impose ceilings of 10,000 British pounds on 20,000 British British pounds ($ 13,600 to $ 27,200) For individuals and around 10 million British pounds ($ 13.6 million) For companies on all systemic stables, defined as tokens already widely used for payments in the United Kingdom or which should be in the future.
The central bank argued that the restrictions are necessary to prevent exit from the deposits of banks which could weaken the service and financial stability.
The FT cited Sasha Mills, the BOE executive director for financial market infrastructure, saying that the limits would reduce the risks of sudden deposit withdrawals and the scale of new systemic payment systems.
However, industry leaders told the FT that the plan was impassable.
Tom Duff Gordon, vice-president of Coinbase International Policy, said that “the imposition of stable-co-centers is bad for British savers, bad for the city and bad for the pound sterling”, adding that no other major jurisdiction has imposed such limits.
Simon Jennings from UK Cryptoset Business Council said that the application would be almost impossible without new systems such as digital identifiers. Riccardo Tordera-Ricchi of the Association of Payments declared to the FT which limits “has no sense” because there are no ceilings on cash or banking accounts.
The United States has promulgated the Act on Engineering in July, which establishes a federal framework for payment stalls. The law establishes license, reserve and redemption standards for transmitters, without ceilings on individual assets. The European Union has also evolved with its markets in the regulation of cryptocurrencies (Mica)which is now fully in force through the block.
The rules specific to stablescoin for tokens referenced on assets and electronic tokens entered into force on June 30, 2024, followed by broader provisions for crypto-active and service providers on December 30, 2024. As the American approach, the Mica does not cap the assets, but rather focusing on the reserves, governance and monitoring of national regulators.
