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 government is set to broaden the Bank of England's mandate to support digital payments innovation, with a particular focus on stablecoins. Central bank is tasked with ensuring financial stability remains its top priority. The proposal aims to support innovation in payment systems and emerging forms of digital money, including stablecoins, according to HM Treasury.
The new mandate will be covered by an annual reporting requirement for the BoE to provide updates on its progress in driving payment innovation to Parliament.
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