BoE Gets New Mandate to Drive Digital Payments Innovation

The Bank of England is set to receive a new secondary objective from the UK government, focusing on driving digital innovation in payments regulation.

This mandate will be added to the bank's existing primary financial stability objective and will apply to its oversight of systemic payment systems, including those using digital settlement assets such as stablecoins.

According to City Minister Lucy Rigby, 'developments in digital payments technology, including tokenisation and DLT, have the potential to transform financial markets across the globe.'