Bank of England, interest rates
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The Bank of England has chosen a team led by Purcell for a major consolidation and refurbishment of its historic Threadneedle Street estate
The U.K.'s central bank said on Monday it is proposing "temporary" limits of 20,000 pounds ($26,300) per coin for individuals and 10 million pounds for businesses.
Usage of the Bank of England's weekly indexed long-term repo fell to its lowest in nearly three months on Tuesday after the central bank increased the cost of borrowing from it.
The Bank of England proposes rules for sterling stablecoins, including backing requirements and temporary holding limits.
The Bank of England (BoE) has unveiled plans that could reshape how UK cryptocurrency users hold and use stablecoins. The proposal introduces a temporary £20,000 cap on individual holdings of “systemic stablecoins" – digital tokens designed to maintain a stable value and are usually pegged to a national currency such as the dollar or the pound.
The plans indicate that individuals will be limited to owning up to £20,000 in UK stablecoins that are considered systemically important.
The U.K. central bank faces stubbornly high inflation despite a weak economy and a cooling jobs market.