Forex
UK Government Expands Bank of England's Mandate to Support Stablecoin Innovation
The UK government has proposed expanding the Bank of England's remit to support innovation in digital payments, specifically stablecoin-based systems.
The Treasury announced that the central bank will gain a secondary objective focused on improving payment innovation, while keeping financial stability as its top priority.
The new mandate would cover payment systems using digital settlement assets, including stablecoins, and require the Bank to report annually to Parliament on its progress toward the payments innovation objective.