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, the Treasury said on Wednesday.

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.