UK regulators want to cap how much stablecoin you can own.
The Bank of England is pushing proposals to limit individuals to £10K–£20K and businesses to £10M, citing “systemic risk.”
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Discussion
Bitcoin sorts this.
Lol.
UK is fucked.
😢
If more than £20K is "a systemic risk", the clowns at Bank of England will have a heart attack when they realize #Bitcoiners don't store their wealth in stablecoins 😂
Capital controls eh??? Time to short the gilts ?
The Bank of England wants to cap how much 'stablecoin' you can own.
So much for 'your money, your choice.'
This isn't protection—it's control.
The Magna Carta and Bill of Rights didn't fight kings for this.
#FinancialFreedom #CBDCgateway #UK
Even China becomes a valid option for UK citizens looking to escape this tyranny. 🤦♂️
Cunts
Yet another great bitcoin Ad!
Hot take:
Digital inflation bucks are a systematic risk.
Fiat with an alleged fraction in reserve is the systematic risk.
Digital inflation bucks are a new form of fiat.
I sense a fear of stablecoins among UK and EU regulators.
As an interbank settlement mechanism and the cash leg for blockchain transactions, however, they are a fine use case. Some banks are pushing for this and have developed solutions. What's missing is massive liquidity and established players; otherwise, this will remain a niche instrument. Banks won't agree to a cap on holdings.
On the retail side, regulators obviously cannot give way to stablecoins. They believe that stablecoins would give US payment providers more control over European customers, which would result in a loss of sovereignty. There are no noteworthy European stablecoin providers because none would be allowed to dominate the market.
Regulators are actively promoting the digital pound or digital euro as a tool of financial innovation and a European alternative to Tether, Circle, and PayPal. UK and EU retail customers presumably don't care about a cap on holdings.
Currently, there is no major need for a stablecoin.
Based as Fuck.
Bank of England is more cypherpunk, than most crypto-bros
Link to the story: https://www.ft.com/content/d80b21d7-2c7b-4727-ace9-4f752c057c7b
I'm able to read it currently, but I guess they usually have a paywall
if anybody can download stablecoin wallet without providing it's identity, how do they want to inforce that limit?
I could have 10 wallets...