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Bank of England dilutes planned rules for UK stablecoins

ft.com · 393 words · saved by 1 readers

The Bank of England has diluted its planned rules for UK stablecoins in response to industry criticism by allowing some assets backing the digital tokens to be invested in short-term government debt and exempting certain businesses from ownership limits. But payment industry experts said the BoE’s new proposals, outlined on Monday, were still too restrictive and risked putting Britain at a disadvantage to the US in view of the more pro-crypto approach of President Donald Trump. Stablecoins are digital tokens that are pegged at a fixed rate of one-to-one to a real currency. A cornerstone of cryptocurrency trading, the global stablecoin market has grown rapidly to be worth almost $300bn. Some regulators warn they represent a threat to the stability of global finance by taking deposits away from banks, but their supporters say they are a promising innovation that can make payments cheaper and faster. Presenting its consultation paper on rules for regulating widely used stablecoins, the Bo

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