UK Central Bank Set for Mandate Overhaul Amid Digital Asset Push

The UK's central bank, the Bank of England (BoE), is set to receive a new mandate that will require it to support innovation in payment systems and digital currencies. This move comes as the country aims to become a global financial hub.

The BoE has been criticized for its guarded approach to digital assets, despite the transformative capabilities of technologies like blockchain, tokenization, and stablecoins. To address this, the UK government is planning to give the bank a 'secondary objective' that will focus on expanding the use of blockchain in financial services and payments.

The new objective will also cover tokenized deposits and the tokenization of real-world assets. An amendment detailing this objective is expected to be introduced, with legislation set to be debated next month.