U.K. Gives BOE Duty to Support Stablecoin Innovation

The U.K. government is set to amend the Financial Services and Markets Act to give the Bank of England (BOE) a legal duty to support innovation in stablecoins and digital payments.

This move aims to spur innovation in payment systems and digital currencies, including stablecoins and tokenized deposits.

The BOE's secondary objective would be to promote the development of new digital payment instruments, while maintaining financial stability as its top priority.

The amendment is expected to take effect once it passes, with the BOE required to report related activities to Parliament each year.