UK Lawmakers Urge Rethink on Stablecoins

UK lawmakers urge Chancellor Reeves to reconsider stablecoin approach, fearing it could harm innovation and push financial activity away from London. They emphasize the importance of stablecoins in the future economy, highlighting their potential to make transactions cheaper, faster, and more accessible. The group warns that the Bank of Englands proposed rules might limit stablecoin use and cause investors to choose dollar-backed options instead, potentially leading to London losing its leading position in financial technology and capital markets.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.