Call from British MPs for Support of Stablecoins

New Regulations Encouraging Innovation Are Being Requested

A group of MPs in the United Kingdom has called on Finance Minister Rachel Reeves to review the central bank digital currency framework proposed by the Bank of England. The goal is to prevent situations that could hinder innovation and lead to capital flight.

The MPs warned that the current proposals would not make sterling-backed stablecoins attractive. As a result, it is noted that investors may turn to dollar-based alternatives.

This group emphasizes the need for a forward-looking framework to maintain the United Kingdom's leadership in the financial technology (fintech) market and attract international investments.