According to CoinMeta, the UK government announced on August 27 that it would assign a new statutory goal to the Bank of England to support innovation in payment systems, stablecoins, and other digital currencies. This goal will serve as a secondary objective and will still be subordinate to the primary responsibility of maintaining financial stability. The Treasury plans to implement this change through amendments to the Financial Services and Markets Act. The new goal will expand upon the existing innovation objectives to include regulation of central counterparties and central securities depositories, as well as systems that use digital settlement assets such as stablecoins. The government stated that the Bank of England should not undermine financial stability when supporting innovation. City Minister Lucy Rigby said that tokenization and distributed ledger technology “have the potential to transform financial markets.” Sarah Briden, Deputy Governor of the Bank of England, welcomed the proposal, stating that it will support innovation without affecting financial stability.