| Mobile Web

Search results for UK Treasury

Crypto

Bank of England says no need to rush digital pound, focus shifts to stablecoins

The Bank of England reaffirmed it is in no rush to issue a digital pound, saying there is no immediate need for a central bank digital currency. Deputy Governor Sarah Breeden said commercial stablecoins and tokenised bank deposits could fill payment gaps. The bank is putting weight on fostering a pound-denominated stablecoin market to prevent shifts to dollar-linked coins. The bank and UK Treasury aim to complete the design phase by end-2026.

Crypto

UK House of Lords passes amendment grouping crypto, stablecoins and tokenised assets

Britain\'s House of Lords passed an amendment requiring the government to draw up a comprehensive national digital asset strategy covering cryptocurrencies, stablecoins and tokenised securities. The amendment was approved 194 to 138 during the report stage of the Financial Services and Markets Bill, despite opposition from the Labour government. It would require the Treasury to publish the strategy within 12 months of enactment and seek public input. The bill still faces further votes and consideration by the House of Commons.

Crypto

UK bets on digital gilts, seeks up to 33 billion pounds a year in economic gains through tokenisation

Britain could generate annual economic gains of up to 33 billion pounds by 2035 if it becomes a global leader in tokenised finance, a projection said. The UK government aims to issue its first digital gilt in 2027 and accelerate the build-out of market infrastructure linking tokenised bond issuance, trading and settlement. A policy report proposes blockchain trials for repo transactions and urges recognition of digital gilts as central bank collateral to support secondary-market activity.