Bank of England gets new stablecoin innovation goal

The British government said on Aug. 27 that it plans to give the Bank of England a new statutory objective supporting innovation in payment systems, stablecoins and other forms of digital money. Summary Britain plans a secondary Bank of England objective supporting innovation across payments and digital money. Financial stability will remain the Bank’s primary duty, limiting how far innovation support can extend. The Bank would report annually to Parliament on progress under its proposed payments innovation objective. Lawmakers will next debate the Financial Services and Markets Bill on September 7 and 9. FCA authorization applications open September 30 before Britain’s mandatory crypto regime begins during October 2027. The secondary objective would remain subordinate to the Bank’s primary responsibility for protecting financial stability. HM Treasury plans to implement the change through amendments to the Financial Services and Markets Bill. UK PLANS NEW STABLECOIN OBJECTIVE FOR BANK OF ENGLANDThe UK government plans to give the Bank of England a new objective focused on supporting innovation in payments and digital money, including stablecoins.Financial stability will remain the...