UK Reform Party Slams Bank of England’s Stablecoin Crackdown & CBDC Ambitions

The UK Reform Party just fired a broadside at Threadneedle Street—calling out the Bank of England’s proposed stablecoin restrictions and central bank digital currency (CBDC) plans as 'anti-innovation overreach.'

Stablecoins in the Crosshairs

Reform MPs argue the BoE’s proposed £15,000 monthly cap on stablecoin transactions would strangle crypto adoption while doing nothing to curb illicit finance—after all, cash remains gloriously untraceable above £10,000.

Digital Pound Dilemma

Meanwhile, the party’s digital economy lead mocked the BoE’s CBDC consultations as 'solutioneering for problems that don’t exist'—pointing to faster payments and open banking as evidence the private sector already delivers.

The Real Agenda?

Critics suspect this is less about 'financial stability' and more about central bankers clinging to monetary control as decentralized alternatives gain traction. One Reform insider quipped: 'The Old Lady of Threadneedle Street wants to CBDC the competition into oblivion—how very 20th century of her.'

No to CBDC

The Reform Party has also fought hard against the creation of a digital pound.

According to the party, a state-backed CBDC would hand the Bank of England “unprecedented control” over financial activity, stifling competition and discouraging private-sector innovation.

Instead, they advocate for regulated, privately issued stablecoins that could drive growth without giving government entities direct control over citizens’ wallets.

To support that approach, the party said it would advance its proposed Cryptoassets and Digital Finance Bill to establish a transparent and proportionate regulatory framework.

By creating rules that balance consumer protection with market freedom, Reform argues the UK could emerge as a leader in the global stablecoin race and generate new employment opportunities in fintech and digital finance.

The stance marks another step in the party’s embrace of crypto. Earlier this year, it became one of the first political groups in the UK to accept donations in Bitcoin and other digital assets.

Reform holds five parliamentary seats within the current government behind Labour, Conservatives, Liberal Democrats, SNP, and Sinn Féin. It has minimal sway in current UK legislation.

However, a collapse in support for Labour has placed Reform at the top of YouGov polling for the over-50s around a hypothetical snap election. The next election is scheduled for 2029.]