Bank of England dilutes planned rules for UK stablecoins
Central bank partly backs down after industry criticism over plan for digital tokens
Related reading
Bank of England set to water down stablecoin rules after industry pressure
Deputy governor says initial plans may have been ‘overly conservative’ and central bank ‘looking very hard’ at alternatives
The dangers of stablecoins
They are no substitute for money, even if usage is growing fast
Crypto groups hit out at Bank of England plan to limit stablecoin ownership
Proposals would give UK much stricter rules for market than US or EU
Why we should worry about the rise of stablecoins
Asset-backed digital currencies could pose risks to bedrock of global financial system
Stablecoins can support financial safety
Fears that they make it easier for criminals to move money around are based on a misconception
The stablecoin stumbling block
The crypto tokens are not yet safe enough to be used at scale in the settlement of large, wholesale financial transactions