The Bank of England Modifies Proposed Regulatory Framework for Sterling-Backed Stablecoins.
英格蘭銀行修改英鎊穩定幣擬議監管框架
Introduction
The Bank of England has released revised policy guidelines and draft regulations concerning the issuance and management of sterling stablecoins.
英格蘭銀行已發布關於英鎊穩定幣發行與管理的修訂政策指南及法規草案。
Main Body
The central bank's updated framework involves a strategic shift in liquidity and holding constraints. Specifically, the prior intention to impose caps on individual holdings has been abandoned in favor of a systemic limit on total issuance per stablecoin, initially established at £40 billion. Furthermore, the permissible allocation of backing assets in short-term government debt has been increased from 60 percent to 70 percent, with the residual balance required to be maintained in non-interest-bearing central bank deposits.
央行更新的框架涉及流動性與持有限制的策略轉向。具體而言，先前擬對個人持有量設定上限的意圖已被放棄，取而代之的是對每款穩定幣的總發行量設定系統性限制，初步定為 400 億英鎊。此外，允許將儲備資產分配於短期政府債券的比例已從 60% 提高至 70%，而剩餘餘額則要求存放於不計息的央行存款中。
These adjustments occur within a global context of divergent regulatory trajectories. While the United States has maintained a permissive environment under the Trump administration, the European Union implemented the comprehensive MiCA regime in December 2024. The UK's current landscape remains primarily focused on financial promotions and anti-money laundering protocols, necessitating the current transition toward a more formalized retail payment structure.
這些調整是在全球監管路徑分歧的背景下進行的。美國在川普政府領導下維持寬鬆的環境，而歐盟則於 2024 年 12 月實施了全面的 MiCA 制度。英國目前的格局仍主要集中在金融推廣與反洗錢協議，因此需要向更正式的零售支付結構過渡。
Stakeholder responses to these modifications exhibit significant variance. Deputy Governor Sarah Breeden characterized the development as a milestone for payment innovation. Conversely, industry representatives have expressed concerns regarding international competitiveness. Innovate Finance asserted that the regime remains excessively conservative, citing the non-income-generating nature of the required central bank deposits as a potential deterrent to investment. Similarly, ClearBank Group indicated that the commercial viability of sterling stablecoins may remain inferior to dollar or euro-denominated alternatives unless further concessions are made.
利益相關者對這些修改的反應存在顯著差異。副行長 Sarah Breeden 將此次發展描述為支付創新的里程碑。相反，業界代表對國際競爭力表示擔憂。Innovate Finance 主張該制度依然過於保守，並指出不計息的央行存款要求可能會抑制投資意願。同樣地，ClearBank Group 表示，除非做出進一步讓步，否則英鎊穩定幣的商業可行性可能仍遜於美元或歐元計價的替代方案。
Conclusion
The Bank of England intends to finalize these regulations by the end of the year, following a feedback period ending September 22.
英格蘭銀行打算在意見徵詢期（至 9 月 22 日截止）之後，於年底前定案這些法規。
Vocabulary Learning
The Architecture of High-Stakes Nuance: Nominalization & Hedging
To transition from B2 (functional fluency) to C2 (mastery), a student must move beyond describing events and begin structuring conceptual frameworks. This text is a goldmine for Nominalization—the process of turning verbs or adjectives into nouns to create a dense, academic, and objective tone.
◈ The Power of the 'Abstract Noun'
Observe the shift from a B2 sentence to the C2 professional register used in the text:
- B2 (Verbal/Direct): The Bank of England changed how it wants to regulate stablecoins.
- C2 (Nominalized): The Bank of England Modifies Proposed Regulatory Framework...
By replacing the action (changed) with a complex noun phrase (Proposed Regulatory Framework), the author shifts the focus from the actor to the system. This is the hallmark of C2 precision: it removes subjectivity and emphasizes institutional process.
◈ Lexical Precision: The 'Divergent' Spectrum
C2 mastery requires the ability to choose words that carry specific weight. Notice the use of "divergent regulatory trajectories."
- Divergent is not merely "different"; it implies a starting point that is now splitting in opposite directions.
- Trajectories suggests a forward-moving path rather than a static state.
◈ Syntactic Contrast: The "Conversely" Pivot
High-level English utilizes sophisticated discourse markers to manage conflicting perspectives without losing cohesion. The text employs a Contrastive Pivot:
*"Deputy Governor Sarah Breeden characterized the development as a milestone... Conversely, industry representatives have expressed concerns..."
Instead of a basic "But," the use of Conversely signals a formal, balanced weigh-up of evidence, which is essential for C2 writing in academic or legal contexts.
◈ Advanced Collocations for the Financial Register
Mastery is found in the 'natural' pairing of high-level terms. Study these pairings from the text:
- (Open/Unrestricted)
- (Ability to make a profit)
- (The quality of not making money)
The C2 Takeaway: Stop using adjectives to describe things. Start using Compound Noun Phrases to define systems. Do not say something is "too strict"; say it is "excessively conservative," citing the "non-income-generating nature" of the constraint.