Stablecoin industry opposes Bank of England’s unhosted wallet ban

The crypto industry in the UK has come out against the Bank of England’s proposed policy that would ban custodial wallets for stablecoins.

As the UK considers options to attract and develop the crypto industry at home, the Bank of England (BOE) has put forward several proposals for how it might regulate stablecoins to mitigate perceived financial risks.

These have included a ban on custodial wallets for stablecoin holdings. The UK crypto industry, from stablecoin issuers to Bitcoin hardliners, has predictably taken issue with the ban.

“This would be a serious misstep for the UK, risking long-term damage that is hard to unwind,” Benoit Marzouk, CEO of stablecoin issuer tGBP told Cointelegraph.

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