Bank of England Plans Stablecoin Transaction Limits

Stablecoins are like digital money designed to stay at the same value.

The Bank of England wants to limit how much people and businesses can use, due to risks to the banking system.

These include potential 'bank runs' and money laundering concerns.

Some countries like the US and the EU are also regulating stablecoins.

The US requires banks to issue them and hold reserves, while the EU has rules for different types of stablecoins.

Crypto groups in the UK disagree with the limits, suggesting they would disadvantage the nation.