Britain Follows the US Lead and Launches New Initiative in Favor of Cryptocurrencies

The UK Government has announced the creation of a new role, the Digital Markets Champion, to accelerate the digitalisation of wholesale financial ￰0￱ to Bloomberg, this position will coordinate the private sector's efforts in the field of tokenization and drive the digital finance transformation in the ￰1￱ at the Digital Assets Week conference in London on Wednesday, Lucy Rigby, Under Secretary for Economic Affairs at the Treasury, stated that the new ambassador will take on the role of convening, guiding and coordinating with the private sector the tokenization process of wholesale financial markets in the ￰2￱ refers to the process of issuing, trading and exchanging traditional financial assets, such as stocks and bonds, in digital form using blockchain technology, which forms the basis of ￰3￱ News: BREAKING: The Fed's Much-Anticipated Meeting Minutes Have Been Released - Here Are All the Details The government will also oversee the phase-out of paper shares by establishing a new working group, the Dematerialization Market Action ￰4￱ step aims to support the process of issuing and managing financial assets entirely ￰5￱ part of its Wholesale Financial Markets Digital Strategy, announced in July, the UK aims to modernize its asset issuance, trading, clearing, and settlement systems with technologies such as blockchain and artificial ￰6￱ part of this strategy, the government is also working on a new initiative called Digital Government Bonds (DIGIT).

These digital bonds, which will be represented on the blockchain, will enable the digital issuance of the UK's sovereign debt instruments. *This is not investment ￰7￱ Reading: Britain Follows the US Lead and Launches New Initiative in Favor of Cryptocurrencies