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BoE Relaxes Stablecoin Rules, Boosts UK Innovation
Description
The Bank of England is easing off strict stablecoin regulations, following industry pushback. Theyre rethinking limits on issuer holdings and reserve requirements, aiming for a more adaptable risk management approach. Deputy Governor Sarah Breeden acknowledges potential overcaution and is exploring alternative liquidity solutions. The BoE views stablecoins as a new form of money, with big issuers expected by year-end. Governor Andrew Bailey warns of potential U.S.-UK market stress due to differing regulations. Industry leaders, like Coinbases Europe policy head, welcome the changes, emphasizing innovation and UK competitiveness. The BoE is working on a smarter regulatory framework with strong redemption rules and potential liquidity backups, aiming to deliver user benefits without risks.
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