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Britain Plans New Bank of England Objective for Stablecoins
The central bank would report annually to Parliament as the Treasury says the change will help regulation keep pace with payments technology.
- On Wednesday, the Treasury announced plans to give the Bank of England a new "secondary objective" to support innovation in payment systems and digital money such as stablecoins, while maintaining financial stability as the central bank's primary responsibility.
- The government will introduce this through an amendment to the Financial Services and Markets Bill, formally turning the push to modernize payments into a statutory responsibility for The Bank.
- Retail investor-sized stablecoin transactions below $250 surged from $500 million in 2019 to nearly $70 billion last year, according to Visa data, while the broader stablecoin market reached around $303 billion.
- City Minister Lucy Rigby noted this supports Britain's role as a financial services leader, while The Bank must report annually to Parliament on how it is advancing the innovation objective.
- Firms can apply for authorization starting Sept. 30, with the regime taking effect on Oct. 25, 2027, as Britain works toward a single regulatory framework covering traditional and tokenized payments.
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Britain plans new Bank of England objective for stablecoins
·New York, United States
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Government Tells BOE to Boost Innovation in Digital Currencies
The UK government will give the Bank of England a new responsibility to bolster innovation in digital currencies and payments, amid criticism that the central bank has been too conservative in its approach to the emerging technologies.
·New York, United States
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Britain plans new Bank of England objective to support payments ...
·London, United Kingdom
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The UK government has set a goal to support innovation in payments and digital finance, while maintaining financial stability as the Bank of England's top priority.
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Total News Sources10
Leaning Left0Leaning Right0Center3Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
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