Bank of England regulatory proposals could stifle the development of sterling-backed stablecoins, a House of Lords committee has warned, as senior officials begin playing down the importance of digital assets.
The publicly stated attitudes of UK regulators, including the BoE, have had a direct impact on the willingness of businesses to enter the market, with the UK “lagging” behind the US and the EU, the House of Lords Financial Services Regulation Committee said in a report published on Wednesday.