🚨BREAKING : UK government formally orders the Bank of England to advance stablecoin and digital money innovation.
The Treasury will introduce a new legal “secondary objective” requiring the Bank of England to actively support innovation in payments and digital money, including stablecoins.
The change is expected to arrive through an amendment to the Financial Services and Markets Bill, due for debate in the House of Lords next month.
Financial stability remains the Bank’s primary objective. The new mandate is explicitly secondary to that. $USD1
The Bank of England will also be required to report to Parliament annually on its progress, adding real pressure to actually deliver.
This follows criticism that the Bank has been too cautious with stablecoins and digital assets so far. $BTC
City minister Lucy Rigby said the goal is to keep the UK a global leader in financial services as digital finance evolves. $BTR
The Treasury will introduce a new legal “secondary objective” requiring the Bank of England to actively support innovation in payments and digital money, including stablecoins.
The change is expected to arrive through an amendment to the Financial Services and Markets Bill, due for debate in the House of Lords next month.
Financial stability remains the Bank’s primary objective. The new mandate is explicitly secondary to that. $USD1
The Bank of England will also be required to report to Parliament annually on its progress, adding real pressure to actually deliver.
This follows criticism that the Bank has been too cautious with stablecoins and digital assets so far. $BTC
City minister Lucy Rigby said the goal is to keep the UK a global leader in financial services as digital finance evolves. $BTR
