UK crypto and payments groups urged the Bank of England to drop plans to cap individual stablecoin holdings, claiming the move would be costly and hard to enforce.
United Kingdom-based cryptocurrency industry advocacy groups called on the Bank of England not to proceed with plans to limit individual stablecoin holdings.
In a November 2023 discussion paper, the bank floated setting individual caps on digital pounds between 10,000 British pounds ($13,558) and 20,000 pounds and asked for feedback on a possible lower limit of 5,000 pounds.
According to a Monday Financial Times report, industry groups criticized the plan, saying it would be difficult and expensive to implement and could leave the UK lagging behind other jurisdictions.
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