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>>The UK adopts a cryptocurrency-friendly approach, mirroring a recent US initiative.

The UK adopts a cryptocurrency-friendly approach, mirroring a recent US initiative.

crypthub

4 days ago

New Digital Markets Champion

The UK Government is establishing a Digital Markets Champion to expedite the digitalization of wholesale financial markets. This new role will coordinate private sector efforts focused on tokenization and digital finance transformation. The champion will act as a central point for guiding and unifying the tokenization process.

Tokenization and Dematerialization

Tokenization involves converting traditional assets like stocks and bonds into digital forms utilizing blockchain technology. The government is launching a Dematerialization Market Action Taskforce to oversee the phasing out of paper shares. This initiative supports the transition to entirely digital asset management and issuance.

Digital Government Bonds (DIGIT)

As part of its digital strategy, the UK is introducing Digital Government Bonds (DIGIT). These blockchain-based bonds will represent the digital issuance of the nation's sovereign debt. The overall strategy aims to modernize asset systems using blockchain and AI.