The UK government plans to assign the Bank of England a new responsibility aimed at encouraging innovation in digital currencies and payments, according to Bloomberg. The UK Treasury said the mandate would sit as a secondary objective for the central bank and would remain subordinate to its primary duty of preserving financial stability. The move comes as policymakers face criticism that the Bank of England has taken an overly cautious stance toward emerging financial technologies. It also aligns with a broader policy focus on keeping London competitive in the fast-growing digital asset market. In practice, the shift points to a regulatory approach that places greater weight on balancing risk controls with fintech development, while potentially providing a clearer operating environment for digital payments, stablecoins, and other digital-asset-related businesses.
The UK government will give the Bank of England (BoE) a new responsibility to promote innovation in digital currencies and payments, according to Bloomberg.
The UK Treasury said the mandate would be a secondary objective for the BoE and would remain subject to the bank’s core mission of maintaining financial stability.
The report said the step answers criticism from the market that the UK central bank has been too conservative toward emerging financial technology. UK Prime Minister Andy Burnham has made preserving London’s competitiveness in the fast-growing digital asset market a policy priority.
The policy points to a UK regulatory framework that may place more emphasis on balancing risk control with fintech innovation, and could create a clearer development environment for digital payments, stablecoins, and other digital-asset-related businesses.
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