UK Treasury Gives Bank of England New Objective to Foster Payments Innovation

The U.K. Treasury announced a new secondary objective for the Bank of England (BoE) to ensure its regulatory framework supports innovation in payment systems and emerging digital money, including tokenization and distributed ledger technology (DLT). While financial stability remains the BoE's primary goal, this new objective aims to facilitate the safe development of digital payments and maintain the UK's leadership in financial services. The Bank of England will be required to report annually on its progress.