UK central bank is warming up to stablecoins, but says industry input is lacking
The Bank of England is open to fixes on its proposed stablecoin framework, but one official said it needs better feedback from crypto industry participants.
The Bank of England’s (BOE) position on stablecoins is evolving to a more friendly stance, but according to the bank’s deputy governor, constructive dialogue with the industry is still lacking.
The UK’s central bank launched a consultation on stablecoins in November last year. Some of the proposed requirements drew the ire of crypto industry representatives, who claimed they could stifle innovation.
Over the past few months, the bank has been working with industry groups to develop its stance on stablecoins. These include revising backing requirements and rethinking account limits.