Bank of England Welcomes Government Plan to Drive UK Payments Innovation
What's happening
HM Treasury will give the Bank of England a new secondary objective to support innovation in payment systems and digital money, including stablecoins. The change is intended to push the BoE to back payments technology innovation, require annual reporting to Parliament, and sits below the Bank's primary financial stability duty. The move signals an explicit government tasking for the BoE to boost innovation in digital currencies and payments infrastructure across the UK.
Why it's trending
The Treasury wants regulation and the central bank to keep pace with fast-changing payments tech, so it issued a formal mandate now.
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If you build payments, stablecoins or wallets in the UK, the Bank of England now has a formal job to help you scale, not block you.
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Original sources12
- BoE given new mandate to drive payments innovation
The Bank of England (BoE) is set to receive a new secondary objective to support innovation across payment systems and digital money, as the UK government looks to strengthen the country’s position as a global financial services hub. The new mandate will sit beneath the BoE’s existing primary responsibility for maintaining financial stability, with HM […] The post BoE given new mandate to dr
FinTech GlobalAug 28 - UK gives Bank of England new payments and digital money objectiveDigital Watch ObservatoryAug 28
- UK Government Gives Bank of England New Innovation Mandate for Digital PaymentsEast & PartnersAug 28
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