Bank of England Gets Stablecoin Mandate from UK Government

The UK government has announced plans to assign an additional mandate to the Bank of England, focusing on promoting the development of payments and digital currencies, including stablecoins. This move aims to enhance financial stability, with the central bank's primary focus remaining unchanged.

The amendments to the Financial Services and Markets Bill will reportedly introduce this new area of responsibility for the Bank of England. The regulator is expected to report annually to Parliament on its progress in promoting digital currencies, including stablecoins.