Bank of England releases draft regulatory framework for stablecoins, sets £40 billion issuance cap
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The Bank of England has released a draft regulatory framework for stablecoins, setting an issuance limit of 4 billion GBP, prohibiting the payment of interest to holders, requiring reserves to include 70% short-term UK government bonds and 30% Bank of England deposits, and mandating a 24-hour redemption mechanism.
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