The post BoE’s Deputy Governor says stablecoins from foreign jurisdictions could be risky for UK consumers appeared on BitcoinEthereumNews.com. Key Takeaways The Bank of England is tightening rules on stablecoins to protect UK consumers. Deputy Governor Sarah Breeden emphasized the need for clear guidance on stablecoins issued abroad, such as those from El Salvador. Bank of England Deputy Governor Sarah Breeden on Tuesday highlighted the need for greater clarity for UK consumers about the safety of stablecoins, especially those issued in foreign jurisdictions such as El Salvador, where major issuers like Tether are headquartered, Reuters reported. Breeden noted that most tokens are used for crypto trading rather than everyday payments and that sterling-denominated coins make up only a tiny fraction of the market. She said more work is needed to ensure UK users can identify which coins are safe. On the BoE’s recent proposal to limit stablecoin holdings to £20,000 per individual, Breeden said it would be a temporary measure to mitigate banking stress, noting that if stablecoins gain traction, banks will need to adapt wholesale funding structures. Breeden emphasized that the UK faces a different set of risks than the US, where crypto adoption is more widespread. Source: https://cryptobriefing.com/boe-deputy-governor-el-salvador-stablecoins-risky-uk-consumers/The post BoE’s Deputy Governor says stablecoins from foreign jurisdictions could be risky for UK consumers appeared on BitcoinEthereumNews.com. Key Takeaways The Bank of England is tightening rules on stablecoins to protect UK consumers. Deputy Governor Sarah Breeden emphasized the need for clear guidance on stablecoins issued abroad, such as those from El Salvador. Bank of England Deputy Governor Sarah Breeden on Tuesday highlighted the need for greater clarity for UK consumers about the safety of stablecoins, especially those issued in foreign jurisdictions such as El Salvador, where major issuers like Tether are headquartered, Reuters reported. Breeden noted that most tokens are used for crypto trading rather than everyday payments and that sterling-denominated coins make up only a tiny fraction of the market. She said more work is needed to ensure UK users can identify which coins are safe. On the BoE’s recent proposal to limit stablecoin holdings to £20,000 per individual, Breeden said it would be a temporary measure to mitigate banking stress, noting that if stablecoins gain traction, banks will need to adapt wholesale funding structures. Breeden emphasized that the UK faces a different set of risks than the US, where crypto adoption is more widespread. Source: https://cryptobriefing.com/boe-deputy-governor-el-salvador-stablecoins-risky-uk-consumers/