UK Government Tasks Bank of England with Fostering Digital Payment Innovation

The UK government has announced plans to give the Bank of England a new responsibility to support innovation in payment systems and emerging forms of digital money. The move aims to ensure the regulatory framework creates the right conditions for innovations to develop safely and drive good growth in every postcode.

The new secondary payments innovation objective will sit below the Bank's primary financial stability objective and is part of reforms to boost the UK's leading financial services sector.

The government, working with the Bank of England and other authorities, already has an extensive programme to modernise the UK's payments landscape, support new technologies and business models, and ensure the UK remains one of the best places in the world to develop and grow innovative financial services.