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Bank of England faces calls from UK lawmakers to ease stablecoin plans
British lawmakers urged the Bank of England on Wednesday to soften planned rules on stablecoins, warning that overly strict requirements could hinder the development of a nascent sterling-backed market. A cross-party House of Lords committee said the central bank should reconsider proposals to cap the amount of stablecoins held by individuals and businesses and require issuers to back tokens with non-interest-bearing deposits. Stablecoins are a type of cryptoasset designed to hold a steady value, usually by being pegged to a fiat currency. The market is dominated by U.S. dollar-linked tokens, while ... (full story)
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