Britain plans new Bank of England objective to support payments innovation

The British government 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.

Stablecoins are crypto tokens designed to hold a steady value and are predominantly used in crypto trading as well as, increasingly, in payments. They have grown rapidly in recent years, particularly under the crypto-friendly policies drawn up by the Trump administration.