Crypto industry groups have reportedly urged the Bank of England (BoE) to scrap a proposal to limit stablecoin ownership in the UK, arguing that it would be detrimental to the pound and a “step in the wrong direction.”

BoE Exploring Stablecoin Ownership Cap

On Monday, the Financial Times (FT) reported that crypto groups have heavily criticized one of the Bank of England’s proposed policies, which would establish stricter rules for the UK market than the US or the European Union (EU).

According to the report, the BoE plans to restrict stablecoin ownership in the UK, imposing a limit of £10,000 to £20,000 for individuals and £10 million for businesses on all systemic stablecoins.

The central bank’s plan would be similar to its proposed approach to the digital pound, which sought to add

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