🇬🇧 UK Lawmakers Push Stablecoin Reform 💷
A group of UK cross-party lawmakers has urged Chancellor Rachel Reeves to revise the Bank of England’s proposed stablecoin framework, according to PANews 📜. Lawmakers warned that the current draft could limit innovation and trigger capital outflows ⚠️. Key concerns include restrictions on wholesale stablecoin use, a ban on interest-bearing reserves, and a £20,000 holding cap, which may reduce London’s global financial appeal 🌍. They cautioned that such limits could push investors toward USD-pegged stablecoins instead 💵. The letter calls for a forward-looking regulatory approach to attract international investment, support fintech growth, and strengthen the UK’s role as a global innovation hub 🚀
