UK crypto industry opposes the country's central bank's proposed plan to limit the number of stablecoins held by individuals

PANews September 15th news, cryptocurrency groups are calling on the Bank of England to abandon plans to limit the number of stablecoins individuals holding, which will allow the UK to implement stricter regulatory rules on this fast-growing market than the United States or the European Union. The Bank of England's plan to limit stablecoin holdings reflects its concern that the tokens could weaken the banking system by pulling away bank deposits, while also highlighting that the UK is more cautious in cryptocurrency regulation than other countries. Bank of England officials said the bank plans to advance proposals to impose regulations on all systemic stablecoins (defined as any stablecoin that is widely used for UK payments or may be widely used in the future) with a limit of £10,000 to £20,000 and a limit of £10 million for corporate holdings. However, the plan has attracted criticism from cryptocurrency and payment groups, who say it will put the UK at a disadvantage relative to other countries and be difficult and costly to implement in the market.