Ah, the grand spectacle of finance! Behold, the crypto jesters hath beseeched the august Bank of England (BoE) to abandon their ludicrous scheme to shackle stablecoin ownership. “A pox upon this proposal!” they cry, “For it doth threaten the pound’s majesty and leadeth us astray!” 😤🤡
BoE’s Stablecoin Shenanigans Unveiled
On a fateful Monday, the Financial Times (that bastion of wit and wisdom) revealed the crypto clans’ scathing rebuke of the BoE’s folly. Imagine, if you will, stricter rules than even the Yankees or the Eurocrats! A cap of £10,000 to £20,000 for plebeians and £10 million for merchants on systemic stablecoins. Preposterous! 😱💰
The BoE, in their infinite wisdom, doth claim this mimicry of their digital pound scheme shall stave off financial calamity. “Bank disintermediation? Credit woes? Fear not, for we shall limit thy holdings!” quoth their proposal, with a flourish of quill and parchment. 🖋️📜
Sasha Mills, the BoE’s grand executor of financial infrastructure, proclaimed these limits shall “mitigate risks of deposit flight and payment system chaos.” Yet, methinks they doth protest too much! 🧐🤔
The crypto and payment guilds, ever the pragmatists, declare this plan a “cock-up of epic proportions.” ‘Twould disadvantage the realm and burden issuers with costly, complex systems. “Digital IDs? Wallet coordination? Fie upon such nonsense!” cried Simon Jennings, the UK Cryptoasset Business Council’s sage. 🗣️💼
Tom Duff Gordon of Coinbase added, “Caps are but a plague upon savers, the City, and sterling! No other realm hath stooped so low!” 🌍🙄
Is the UK’s Crypto Regulation a Farce?
The BoE, ever the optimist, doth call these limits “transitional,” as the financial realm grapples with digital money’s rise. “Learn as we go,” cooed Deputy Governor Sarah Breeden, envisioning a “multi-money” utopia. 🌟💭
Yet, Gilles Chemla, Imperial Business School’s erudite professor, warneth: “London’s digital crown slippeth away! Stablecoins are no longer mere experiments but the bedrock of the global economy.” 🏛️⚠️
Thus, the stage is set for a grand comedy of errors. Will the BoE persist in their folly, or shall they heed the crypto clans’ plea? Stay tuned, dear reader, for this financial farce is far from its final act! 🎭🤣
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2025-09-16 13:09