How the Treasury got ‘fed up’ with the Bank of England’s payments plan
The government moved to more closely monitor the Bank of England’s overhaul of the UK’s payments system after growing frustrated with the sluggish pace of the plans, industry figures have said. The Treasury revealed last week it would begin tracking the central bank’s progress on payments and digital currencies by introducing a new secondary objective [...]
The government has taken steps to monitor the Bank of England's advancements in the UK's payments system more closely, as government officials expressed frustration over the slow pace of the National Payments Vision. The Treasury announced it would introduce a new secondary objective of innovation to track the central bank's progress, signaling disappointment with the slow progress.
A senior industry leader stated that the government is "fed up with payments," and another source said the addition of an objective to the Bank's mandate was a "quite a statement" and a criticism of Threadneedle Street's approach. The Bank of England's deputy governor for financial stability, Sarah Breeden, who oversees payments innovation, has been criticized for her views on stablecoins.
According to some industry insiders, the Bank of England is less committed to stablecoin innovation compared to the Treasury, preferring tokenized deposits, which maintain cash inside the bank. The Bank has been criticized for its slow pace of payments innovation, with some arguing that a diverse mix of stakeholders and opposing views have held up the plans. The Treasury and Bank of England did not comment on the matter.
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