Bank of England to Take on New Responsibilities for Promoting Digital Currency and Payment Innovation

Odaily News: The UK government will grant the Bank of England a new mandate to promote digital currency and payment innovation, with this objective being a secondary one that does not affect the Bank of England's primary mission of maintaining financial stability. UK City Minister Lucy Rigby stated that tokenization and distributed ledger technology have the potential to transform global financial markets. This secondary objective will support the Bank of England in continuing to drive payment and digital finance innovation, ensuring the UK maintains its leading position as a global financial services hub. Previously, the UK and the US had established a joint working group to promote stablecoin adoption. In June, the Bank of England removed its earlier proposal to cap the amount of stablecoins individuals and businesses could hold, and Deputy Governor Sarah Breeden welcomed the new mandate.