Bank of England plans to limit stablecoin holdings, sparking criticism from cryptocurrency groups

According to PANews, cryptocurrency groups have called on the Bank of England to abandon plans to limit the number of stablecoins individuals hold. The plan will impose a provision on stablecoins that limits individual holdings of £10,000 to £20,000 and corporate holdings of £10 million. The Bank of England is concerned that stablecoins may weaken the banking system and plans to advance proposals. Cryptocurrency groups criticized the plan for putting the UK at a disadvantage and being difficult and costly.