Bank accused of hampering cryptocurrency's advance

THE Bank of England's “prescriptive” rules could potentially “killing” London’s chances of becoming a global hub for stablecoins, according to a warning from an industry body.

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The body is calling for the swift establishment of a regulatory framework to support the use of the digital assets, which are a type of crytocurrency designed to maintain a stable value.

A report by Innovate Finance suggests that London's dominance in the foreign exchange market, where it accounts for up to 40% of global trading, could set the stage for the capital to become the “Eurodollar market for stablecoins.”