UK Government Asks Central Bank to Promote Digital Currency and Payment Innovation

The UK government will assign new responsibilities to the Bank of England to promote digital currency and payment innovation, with this goal being secondary and not affecting its primary mission of maintaining financial stability. City Minister Lucy Rigby stated that tokenization and distributed ledger technology have the potential to transform global financial markets. This secondary goal will support the central bank in continuing to drive payment and digital finance innovation, ensuring that the UK maintains its leading position as a global financial services hub. Previously, the UK and the US established a joint working group to promote the adoption of stablecoins. The Bank of England canceled its proposal in June to limit the amount of stablecoins held by individuals and businesses, and Deputy Governor Sarah Breeden welcomed the new responsibilities.

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