While some experts believe tokenization has an array of positive global impacts, others cautioned of its potential to throw efforts to achieve financial inclusion into disarray.
Successful applicants of the U.K.’s Digital Securities Sandbox will be able to provide securities depository and settlement services and operate a trading venue under the modified regulations.
As the U.K. edges closer to a general election, the digital pound is becoming a contentious political issue amid mounting opposition from privacy lobbyists.
The Bank of England and the U.K. Treasury remain undecided about the necessity of a CBDC in the U.K. but confirmed that neither the Bank nor the government would have access to users' personal data.
Let's address the claim that "Bitcoin is inefficient," this is only true if one mistakenly assumes that BTC—which trades as Bitcoin on most digital currency exchanges—is Bitcoin.
The Bank of England takes aim at Bitcoin as a payment method, with Governor Andrew Bailey calling it "inefficient," while Deputy Governor Sarah Breeden cites the lack of regulatory clarity for its adoption.
British officials believe CBDC would be a great boost in the United Kingdom, but its Treasury Committee calls for a deeper study to ensure that the cons of the digital pound may not outweigh its benefits.
While they pledged support for a digital pound for promoting choice and sustaining access to central bank money, the MPs warned about the risks it poses.
BoE and HM Treasury have launched an academic advisory group to bring together experts to provide input on economics, policies, law, innovation and more.
The U.K. Treasury’s response to a consultation updates proposals for a regulatory regime for systemic stablecoins, which would be supervised by the Bank of England and the Financial Conduct Authority.
In the past week, the U.K. has been moving quickly with innovations related to digital currencies, blockchains, and financial innovation in general.
Payments and identity company Nuggets is working with Bank of England to develop an identity and privacy layer for its CBDC using Zero-Knowledge Proofs.
