Bank of England Plans Exemptions to Stablecoin Limits: Bloomberg

Core Insights - The Bank of England (BoE) is planning to grant exemptions to its proposed limits on stablecoin holdings for certain firms, particularly crypto exchanges [1] - The BoE intends to allow the use of stablecoins for settlement in its Digital Securities Sandbox [1] - Previous reports indicated that the BoE was considering caps on stablecoin holdings, with limits set at £10,000-£20,000 ($13,400-$26,800) for individuals and £10 million ($13.4 million) for firms [2] - The digital asset industry has criticized the proposed caps as unworkable [2] - BoE Governor Andrew Bailey has expressed skepticism about stablecoins, citing potential threats to financial stability [3] - The approach of the BoE appears to be out of sync with other major financial jurisdictions that are embracing stablecoins [4]