The post Bank of England Faces Criticism Over Stablecoin Limits appeared on BitcoinEthereumNews.com. Key Highlights BoE plans to limit stablecoin ownership for individuals and businesses. Experts warn rules could slow UK digital finance innovation. Crypto industry criticizes restrictions as impractical and costly. Bank of England Proposes Stablecoin Limits and Faces Criticism The Bank of England (BoE) has announced plans to impose strict limits on stablecoin ownership, prompting backlash from the crypto community. Proposed limits range from £10,000 to £20,000 for individuals and up to £10 million for businesses, according to the Financial Times. The BoE explained that the measures aim to reduce risks to the banking system in the event of “massive and rapid outflows of deposits.” Information about proposed limits first appeared in April 2023, and the BoE presented the corresponding framework later that November. Industry Experts Warn UK Could Fall Behind Sasha Mills, the BoE’s executive director for financial market infrastructure, stated: “The limits will help mitigate risks to financial stability that arise from sudden drops in business and household lending and from rapidly scaling systemic payment systems.” However, industry representatives argue the limits could disadvantage the UK compared to the US and EU. Tom Duff Gordon, vice president of international policy at Coinbase, said: “Restrictions on stablecoins are bad for UK investors, bad for the City, and bad for the pound. No other leading jurisdiction has imposed such restrictions.” Simon Jennings, CEO of the UK Cryptoasset Business Council, added: “Limits simply don’t work in practice. Stablecoin issuers can’t see who owns their tokens, so introducing limits would require costly systems such as digital IDs or constant wallet coordination.” Policy experts and academics also warn that London risks losing its competitive edge in digital finance. Gilles Schemla, Professor at Imperial Business School, emphasized: “Stablecoins are no longer experimental technologies – they are becoming the foundation of the global digital economy. London… The post Bank of England Faces Criticism Over Stablecoin Limits appeared on BitcoinEthereumNews.com. Key Highlights BoE plans to limit stablecoin ownership for individuals and businesses. Experts warn rules could slow UK digital finance innovation. Crypto industry criticizes restrictions as impractical and costly. Bank of England Proposes Stablecoin Limits and Faces Criticism The Bank of England (BoE) has announced plans to impose strict limits on stablecoin ownership, prompting backlash from the crypto community. Proposed limits range from £10,000 to £20,000 for individuals and up to £10 million for businesses, according to the Financial Times. The BoE explained that the measures aim to reduce risks to the banking system in the event of “massive and rapid outflows of deposits.” Information about proposed limits first appeared in April 2023, and the BoE presented the corresponding framework later that November. Industry Experts Warn UK Could Fall Behind Sasha Mills, the BoE’s executive director for financial market infrastructure, stated: “The limits will help mitigate risks to financial stability that arise from sudden drops in business and household lending and from rapidly scaling systemic payment systems.” However, industry representatives argue the limits could disadvantage the UK compared to the US and EU. Tom Duff Gordon, vice president of international policy at Coinbase, said: “Restrictions on stablecoins are bad for UK investors, bad for the City, and bad for the pound. No other leading jurisdiction has imposed such restrictions.” Simon Jennings, CEO of the UK Cryptoasset Business Council, added: “Limits simply don’t work in practice. Stablecoin issuers can’t see who owns their tokens, so introducing limits would require costly systems such as digital IDs or constant wallet coordination.” Policy experts and academics also warn that London risks losing its competitive edge in digital finance. Gilles Schemla, Professor at Imperial Business School, emphasized: “Stablecoins are no longer experimental technologies – they are becoming the foundation of the global digital economy. London…