UK Treasury to Assign New Responsibilities for Payment Innovations Including Stablecoins to the Bank of England

New Responsibilities for Payment Innovations

On the 27th, the UK Treasury announced its plan to assign new ancillary responsibilities to the Bank of England, the central bank, to support technological innovations in payment systems and the emerging field of digital money. The bank's primary objective of prioritizing financial stability remains unchanged.

These ancillary responsibilities are positioned under the primary objective of prioritizing financial stability. The Bank of England will now report annually to Parliament on its progress in addressing these responsibilities.

Lucy Rigby, the Treasury's Minister for Finance, ...