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Bank of England ready to water down 'overly conservative' stablecoin proposals: FT
Key takeaways
- The Bank of England (BOE) is set to ease proposed restrictions on stablecoin holdings following pressure from digital asset industry participants, the Financial Times (FT) reported on Thursday.
- The BOE is "looking very hard at whether there are different ways we can manage what we think is an important risk as stablecoins come into play," Breeden said in an interview.
- Stablecoins are cryptocurrencies pegged to the value of a traditional financial asset, usually a fiat currency, mostly the U.S. dollar.
The Bank of England (BOE) is set to ease proposed restrictions on stablecoin holdings following pressure from digital asset industry participants, the Financial Times (FT) reported on Thursday.
Sarah Breeden, deputy governor for financial stability, said the central bank's initial plans to restrict individuals to owning up to 20,000 pounds ($27,000) per coin may have been "overly conservative," according to the FT.
The BOE is "looking very hard at whether there are different ways we can manage what we think is an important risk as stablecoins come into play," Breeden said in an interview.
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