UK treasury pushes BoE to add payments innovation support as secondary objective

The UK Treasury is pushing to add support for stablecoin and digital-currency payments innovation as a secondary objective for the Bank of England, while maintaining financial stability as its top priority, CoinDesk reported. The central bank would be required to report annually to the UK parliament on how it is implementing that innovation objective. Stablecoin issuers would be allowed to hold up to 70% of reserves in short-term UK government bonds, with the remainder managed as central bank deposits.