UK House of Lords committee calls on Bank of England to reconsider proposed stablecoin restrictions

The Bank of England proposed limits of 20,000 pounds per coin for individuals and 10 million pounds for businesses.\nWhat to know : A U.K. House of Lords committee said the Bank of England should reconsider its proposed limits on consumer stablecoin holdings. The Financial Services Regulation Committee also advised reconsideration of requirements for stablecoin issuers to hold at least 40% of backing in unremunerated central bank deposits. "Rather than pre-emptively impose holding limits, the Bank should consider monitoring the growth of the market and imposing holding limits only if the financial stability risks clearly warrant it," the House of Lords committee said.