The Bank of England intends to limit the ownership of stablecoins
Date: 2025-09-16 Author: Gabriel Deangelo Categories: IN WORLD
The Bank of England has proposed introducing restrictions on the number of stablecoins that users can own. The agency points out that the mass use of such instruments can disrupt the stability of the financial sector and lead to an outflow of funds from traditional bank deposits.
Sasha Mills, head of the financial markets infrastructure unit at the BoE, emphasized that this is a temporary measure. According to her, the goal of the initiative is to avoid large-scale risks associated with the rapid growth of new payment systems.
However, representatives of the crypto industry met the proposal with sharp criticism. According to Simon Jennings, director of the British Crypto Asset Council, such an approach will create serious technical difficulties for issuers of stablecoins. He explained that companies do not have the tools to track in real time who owns the tokens and in what volumes. Jennings compared the idea to trying to control the movement of cash, which would require huge costs and bring little benefit.
A similar opinion was expressed by Riccardo Todere-Ricchi, who is responsible for policy at the British Payment Association. He noted that the Central Bank's initiative could set back the development of the crypto market by years. According to him, stablecoins have already proven their effectiveness in international settlements, providing fast and cheap transactions. Introducing limits, in his opinion, will cause more harm than good.
Todere-Ricchi also added that limiting the ownership of digital assets seems unjustified: in the UK, there are no similar barriers to the use of cash, bank accounts or electronic money. He believes that the regulator's skepticism is not a sufficient reason for such tough measures.
It is interesting that the Bank of England has previously expressed doubts about the advisability of launching its own digital currency. The regulator's representatives admitted that the idea of a digital pound sterling could be considered excessive and not bring tangible benefits to the population.
Thus, the discussion around the role of stablecoins in the British financial system continues to escalate: on the one hand, the regulator seeks to minimize risks, and on the other, the industry points to the threat of slowing down innovation and depriving users of a convenient tool for everyday payments.
