UK Lawmakers Urge Rethink on Stablecoin Rules
Update: 2025-12-12
Description
UK lawmakers urge Chancellor Reeves to reconsider stablecoin rules, fearing they could harm Londons financial status and push fintech away. Stablecoins, digital currencies tied to traditional money, are seen as a key part of the digital economy. The lawmakers highlight that stablecoin transactions reached $27.6 trillion in 2024, almost eight percent more than Visa and Mastercard combined. However, they express concern over the Bank of Englands draft framework, which they believe has too many restrictions, potentially leading to a shift towards US dollar-based stablecoins and a two-tiered market.
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