'A Poison Pill For Britain's Financial Sector': Nigel Farage Slams Bank of England Stablecoin Ownership Cap

Benzinga and Yahoo Finance LLC whitethorn gain committee oregon gross connected immoderate items done the links below.

The Bank of England is sabotaging Britain’s presumption arsenic a planetary fiscal person with projected caps connected idiosyncratic stablecoin holdings, Reform UK person Nigel Farage says.

“This is thing little than a poison pill for the U.K. fiscal sector,” Farage wrote successful a Nov. 11 sentiment portion for concern quality outlet City AM.

The Bank of England connected Nov. 10 released a consultation insubstantial proposing a “temporary” £20,000 ($26,350) headdress connected idiosyncratic stablecoin ownership and a £10 cardinal bounds for businesses, citing risks to the fiscal system.

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According to Farage, however, the stablecoin headdress does thing to support anyone.

“In reality, it keeps the lb tied to outdated hierarchies portion the remainder of the satellite races ahead,” helium said. “Britain risks strangling fintech maturation earlier it adjacent starts, handing the integer gyration to New York and Dubai portion we beryllium connected the sidelines.”

Farage past period told cryptocurrency manufacture participants astatine Digital Asset Summit London 2025 that helium had convinced Bank of England Governor Andrew Bailey to scrap the floated limits successful a anterior meeting, positioning himself arsenic the industry’s “champion.”

“Whether you similar oregon dislike galore of the governmental positions that I’ve taken implicit the people of the past 3 decades is frankly irrelevant,” helium said astatine the time. “When it comes to your industry, erstwhile it comes to maturation successful this industry, past I americium your champion, and I bash marque things happen, and I bash marque things change, and I volition spell connected doing so.”

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The Bank of England told Benzinga successful October that Farage so met with Bailey, arsenic wide reported by respective media outlets, but declined to supply immoderate further comment.

In Farage’s caller missive, helium claims glory for the Bank of England’s softened stance connected stablecoin reserve holdings. The cardinal bank, successful its caller consultation paper, says issuers could clasp up to 60% of their reserves successful short-term authorities bonds. The stance marks a displacement from 2023, erstwhile it said each reserves indispensable beryllium 100% cash, which would person prevented issuers from earning yield.

Farage has made cryptocurrencies and blockchain exertion cardinal to his bid to go premier curate successful the adjacent elections expected nary aboriginal than 2029, taking a leafage from his ally, U.S. President Donald Trump. He has promised that, fixed the majority, Reform UK would chopped the cryptocurrency superior gains taxation from 24% to 10% and found a nationalist Bitcoin reserve.