@savantchat@chainyoda isn’t it a good look? tech working as expected, truly decentralised, working as expected. obviously money laundering isn’t good, but the fact that the protocol is working well at size is a good thing imo
It seems the Bank of England is unwilling to budge on the £20k stablecoin holding limit for individual users, which significantly restricts many use cases.
Apparently, BoE staff understand this, but it may be that the restriction is coming from the very top, perhaps Andrew Bailey?
Whether this is true or not, its a true limit to innovation and for the UK to lead on stablecoins denominated in its own currency.
I sincerely hope this does not make it into the final draft, as it would severely undermine the potential stablecoins can provide and reduces the competitiveness of the UK regime globally.
At worst, this could mean that the US or the EU becomes a more favourable region for growing sterling stablecoins, pushing them further outside the reach of the UK oversight.
You Will Be Rich once Binance collapses
You Will Be Rich once Binance collapses
You Will Be Rich once Binance collapses
You Will Be Rich once Binance collapses
You Will Be Rich once Binance collapses
You Will Be Rich once Binance collapses
You Will Be Rich once Binance collapses
I am the main developer fixing security issues in FFmpeg. I have fixed over 2700 google oss fuzz issues. I have fixed most of the BIGSLEEP issues. And i disagree with the comments @ffmpeg (Kieran) has made about google. From all companies, google has been the most helpfull & nice
The Bank of England’s plan for systemic stablecoins sets a £20,000 cap per individual and a £10 million cap per firm, effectively choking the market before it can grow.
Issuers would be forced to keep 40% of reserves unremunerated at the central bank and only 60% in yielding assets like UK government bonds. That makes pound-backed stablecoins inefficient, uncompetitive and unattractive compared with global alternatives.
Even worse, HM Treasury is likely to copy this approach, turning the UK into one of the least appealing places to issue a stablecoin. Instead of boosting the pound’s reach or supporting government gilts, the policy does the opposite.
The biggest losers? The UK and its consumers.
This is another misguided move by the Bank of England, and again we have to fight for freedom.