Bank of England set for new innovation mandate covering stablecoins

The UK plans to expand the Bank of England’s remit to support digital payments innovation, including stablecoins, while keeping financial stability first.

The UK is moving to put stablecoins at the center of a new Bank of England mandate aimed at supporting innovation in digital payments.

The government plans to give the Bank of England, the UK’s central bank, a secondary objective to support innovation in payment systems and emerging forms of digital money, HM Treasury announced on Thursday.

The mandate will cover payment systems that use digital settlement assets such as stablecoins, while financial stability will remain the BoE’s primary objective.

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