Bank of England to Support Stablecoin Innovation

The Bank of England is set to take on a new role in supporting payment innovation in the UK. This includes exploring the use of stablecoins and other digital settlement assets.

Financial stability remains the Bank's primary objective, but this new role will allow it to delve into emerging forms of digital money.

City Minister Lucy Rigby said 'developments in digital payments technology have the potential to transform financial markets across the globe.'

The UK government plans to amend the Financial Services and Markets Bill to make this change, with debate set for September 7 and 9. The Bank will report on its progress each year.