L

Lord Vaizey of Didcot (Con)

Speaking in the House of Lords on 16 October 2025

Debate

Stablecoin Ownership

Contribution

My Lords, I declare my interest as co-chair of the All-Party Parliamentary Group on Crypto and Digital Assets. Does not the Bank of England’s announcement that it plans to regulate how much stablecoin an individual can hold—I say for the benefit of the noble Lord, Lord Brennan, that a stablecoin is simply a digital currency linked to a fiat currency—send a terrible signal to people who want to base their crypto businesses in the UK? Will he ask the Bank of England to publish its modelling? Its reasoning is based on the idea that unlimited holdings of stablecoins might lead to a run on bank deposits.

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