Bank of England Changes Proposed Rules for Sterling Stablecoins
英格蘭銀行修改英鎊穩定幣擬議規則
Introduction
The Bank of England has published updated policy guidelines and draft regulations regarding how sterling stablecoins are issued and managed.
英格蘭銀行已公布關於英鎊穩定幣如何發行與管理的更新政策指南及草案條例。
Main Body
The central bank has changed its strategy regarding liquidity and holding limits. Instead of limiting how much each individual can hold, the bank will now set a total limit of £40 billion for the entire issuance of each stablecoin. Furthermore, the amount of backing assets that can be held in short-term government debt has increased from 60 percent to 70 percent, while the remaining balance must be kept in central bank deposits that do not earn interest.
央行已改變其關於流動性與持有上限的策略。銀行現在不再限制個人的持有量，而是為每款穩定幣的總發行量設定 400 億英鎊的上限。此外，可用於短期政府債券的儲備資產比例從 60% 增加至 70%，而其餘餘額必須存放於不計息的央行存款中。
These changes come at a time when different countries are taking different approaches. For example, the United States has remained more flexible, whereas the European Union introduced the strict MiCA rules in December 2024. Currently, the UK focuses mostly on financial promotions and anti-money laundering laws, so it is now moving toward a more formal system for retail payments.
這些變更正值各國採取不同方針之際。例如，美國保持較高的靈活性，而歐盟則在 2024 年 12 月引入了嚴格的 MiCA 規則。目前，英國主要集中於金融推廣與反洗錢法律，因此現正向更正式的零售支付系統邁進。
Different stakeholders have reacted to these changes in various ways. Deputy Governor Sarah Breeden emphasized that this is a major step forward for payment innovation. However, some industry leaders are worried about international competition. Innovate Finance asserted that the rules are still too cautious, arguing that the lack of interest on deposits might discourage investment. Similarly, ClearBank Group suggested that sterling stablecoins might be less attractive than those in dollars or euros unless the rules are further relaxed.
不同利益相關者對這些變更反應不一。副行長 Sarah Breeden 強調，這是支付創新的一大進步。然而，部分業界領袖擔心國際競爭。Innovate Finance 主張這些規則仍然過於謹慎，認為存款不計息可能會抑制投資意願。同樣地，ClearBank Group 建議，除非規則進一步放寬，否則英鎊穩定幣的吸引力可能不如美元或歐元穩定幣。
Conclusion
The Bank of England plans to finalize these regulations by the end of the year, after the feedback period closes on September 22.
英格蘭銀行計劃在 9 月 22 日意見徵詢期結束後，於年底前敲定這些條例。
Vocabulary Learning
🚀 The 'Contrast' Engine: Moving Beyond 'But'
At the A2 level, students rely heavily on the word 'but' to show difference. To reach B2, you must upgrade your 'contrast toolkit' to manage complex ideas.
Look at how this article handles opposing views:
-
The 'Whereas' Pivot Text: "The United States has remained more flexible, whereas the European Union introduced the strict MiCA rules..." B2 Logic: Use
whereasto compare two different things in one single sentence. It feels more professional and fluid than using two short sentences with 'but'. -
The 'However' Shift Text: "...this is a major step forward for payment innovation. However, some industry leaders are worried..." B2 Logic:
Howeveris used to start a new sentence that contradicts the previous one. It creates a 'pause' for the reader, signaling a shift in perspective. -
The 'Unless' Condition Text: "...sterling stablecoins might be less attractive... unless the rules are further relaxed." B2 Logic:
Unlessmeans 'if not'. Instead of saying 'If the rules are not relaxed, they will be less attractive', B2 speakers useunlessto create a more sophisticated condition.
💡 Pro-Tip for the Jump to B2: Stop thinking in simple blocks. Instead of: "I like tea, but I don't like coffee." (A2)
Try: "I enjoy tea, whereas coffee is too strong for me." (B2)
Vocabulary Spotlight: Formal Assertions Notice that the article doesn't just say "they said." It uses high-level reporting verbs:
- Emphasized (to show importance)
- Asserted (to state a fact strongly)
- Suggested (to offer a cautious opinion)
Using these verbs instead of 'said' is the fastest way to make your writing sound like a B2 user.