The Bank of England will add new responsibilities to promote digital currency and payment innovation.

Odaily reports that the UK government will assign a new responsibility to the Bank of England, aimed at advancing digital currency and payment innovation. This objective is a secondary goal and does not affect the Bank of England's primary mission of maintaining financial stability. UK 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 Bank of England in continuing to promote innovation in payments and digital finance, ensuring that the UK maintains its leading position as a global financial services center. Previously, the UK and the United States had established a joint working group to advance the adoption of stablecoins. In June, the Bank of England withdrew its previous proposal to impose limits on the amount of stablecoins individuals and businesses could hold, and Deputy Governor Sarah Breeden welcomed the new responsibility.