Stablecoin Industry Opposes Bank of England’s Unhosted Wallet Ban
Cointelegraph
The UK crypto industry is challenging Bank of England proposals that would ban unhosted wallets to mitigate financial risks.Summary
The Bank of England is considering a ban on unhosted, self-custodial wallets for stablecoins to protect the UK banking system and ensure financial stability. Industry leaders, including executives from tGBP and Xapo Bank, argue this move would stifle innovation, damage competitiveness, and undermine the core peer-to-peer utility of blockchain technology. Furthermore, experts contend that enforcing such a ban is technically unfeasible and would unfairly limit financial access, particularly for the unbanked. The proposal faces significant pushback, with industry stakeholders urging policymakers to pursue more proportionate regulations through formal consultation.
(Source：Cointelegraph)