UK House of Lords dey beg make Bank of England relax di rules for stablecoins

Di House of Lords Financial Services Regulation Committee for UK yan tell Bank of England (BoE) make e change small parts for di proposed UK stablecoin rules, say make dem no too strict or do am for wrong time because e fit make UK fall behind US and EU. For UK stablecoin regulation, di committee generally support BoE ideas like 1:1 reserve backing and backstop lending facility. But dem dey question some important details wey fit add plenty operational burden and make competitiveness weak—especially di proposal say systemic stablecoin issuers suppose keep at least 40% of reserves for unremunerated (no-interest) bank deposits. Dem also criticize temporary holding limits (first £10,000–£20,000 per person and £10 million for businesses), say e fit hard to enforce and e fit slow down GBP stablecoin growth. Di committee raise more concerns about redemption requirements, issuer sustainability, and risks from unhosted wallets. Another wahala na how dem go move from FCA framework to joint regime wey involve BoE, and how HM Treasury go decide if stablecoins na “systemic” and so fall inside payments regulatory perimeter. BoE don signal say di proposals fit dey “overly conservative” and dem plan to publish final policy and draft rules later dis month.