Bank of England to Receive Secondary Objective for Digital Payments Innovation
The Bank of England is set to receive a new secondary objective as part of its mandate to support innovation in payment systems and digital money, including stablecoins. The proposed move aims to help ensure that regulation keeps pace with changes in payments technology.
The UK government plans to give the central bank an additional goal to advance payments technology and oversee digital money. The Bank of England would be required to report annually to parliament on its progress toward achieving this objective.
The Treasury has cited the need for regulation to keep pace with changes in payments technology, as stablecoins have grown rapidly in recent years. The proposed mandate aligns with Britain's broader pro-growth approach to financial services regulation.