ME News reports that on August 27 (UTC+8), the UK government will grant the Bank of England a new secondary objective to promote digital currency and payment innovation, without affecting its primary mission of maintaining financial stability. UK Minister for Cities 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 center. Previously, the UK and the US established a joint task force to promote stablecoin adoption. In June, the Bank of England withdrew its earlier proposal to cap the amount of stablecoins held by individuals and businesses; Deputy Governor Sarah Breeden welcomed the new objective. (Source: ODAILY)
UK Grants Bank of England New Role to Promote Digital Currency and Payment Innovation
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Summary
The UK government has granted the Bank of England a new mandate to advance digital currency and payment innovation, alongside its core mission of financial stability. CFT measures will remain a priority as the central bank explores new tools. City Minister Lucy Rigby highlighted tokenization and DLT as key to transforming global finance. This move supports the UK’s ambition to lead in financial services. Deputy Governor Sarah Breeden endorsed the shift. Liquidity and crypto markets will be key focus areas as the BoE refines its strategy.
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