UK Government Tasked Bank of England with Driving Payments Innovation

The UK government has introduced a new objective for the Bank of England (BoE) to support innovation in the country's payments systems.

The secondary payments innovation objective will require the BoE to keep up with developments in the payments technology sector, including its approach to digital assets such as stablecoins.

The government aims to apply the new objective via amendments to the Financial Services and Markets Bill, which is due to be debated on 7 and 9 September in the House of Lords.