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UK Government Taps Bank of England to Boost Crypto Payments and Stablecoins

Guavy AI Editorial Team
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The UK government has announced plans to mandate the Bank of England to support innovation in payment systems and digital money, including stablecoins.

This move aims to maintain the UK's leadership in financial services by embracing emerging technologies such as tokenization and Distributed Ledger Technology (DLT).

According to City Minister Lucy Frazer, the development of digital payment technologies has the potential to transform global financial markets.

The Bank of England will report annually to Parliament on its progress towards supporting innovation without compromising stability.

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