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2 clusters · 22 sources · 4 days · First seen · Last updated

UK Bank of England digital payment mandate expansion

Overview

The United Kingdom government is proposing to expand the Bank of England’s mandate by introducing a secondary statutory objective to support innovation in digital money and payment systems. This initiative, intended to be implemented through amendments to the Financial Services and Markets Bill, aims to foster a “multi-money ecosystem” involving stablecoins, tokenized assets, and a potential digital pound.

While maintaining financial stability as its primary priority, the Bank of England would be required to report annually to Parliament on its progress regarding these innovation objectives. To support this transition, regulators are developing a two-tier framework that distinguishes between systemic and non-systemic stablecoins. Recent regulatory adjustments include replacing individual ownership limits on stablecoins with a £40 billion issuance cap for systemic issuers and easing reserve requirements to allow issuers to hold more backing assets in interest-bearing accounts.

Entities

Bank of England · HM Treasury · Financial Conduct Authority · United Kingdom · Andrew Bailey

Timeline

  1. 14 days ago

    [BUSINESS] 4 sources
    United Kingdom proposes new Bank of England mandate for stablecoins

    The UK government proposes expanding the Bank of England's mandate to oversee stablecoins and digital payment innovation, implementing a two-tier regulatory framework for systemic and non-systemic assets.

  2. 17 days ago

    [BUSINESS] 18 sources
    UK to grant Bank of England new mandate for digital payment innovation

    The UK government will grant the Bank of England a new secondary mandate to support innovation in digital payments and stablecoins, while maintaining financial stability as its primary objective.

Sources

bitcoinethereumnews.com · clsbluesky.law.columbia.edu · coinedition.com · coingeek.com · cointelegraph.com · criptotendencias.com · crypto.news · cryptobreaking.com · cryptobriefing.com · cryptonewsland.com · cryptoweek.fr · decrypt.co · diariosalta.com · europesays.com · journalducoin.com · koinbulteni.com · lamiafinanza.it · news.bitcoin.com · pymnts.com · retailwit.com · srnnews.com · thecryptocurrencypost.net