• Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
What's Hot

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023

Ukraine Stands Strong: The SpendWithUkraine.com Initiative

February 2, 2023
Facebook Twitter Instagram
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
Home»Blockchain»UK will test blockchain for traditional markets
Blockchain

UK will test blockchain for traditional markets

Donald MunnBy Donald MunnJune 8, 2022Updated:September 29, 2022No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The UK looks to begin testing Blockchain for traditional markets next year, with the aim of the country becoming a “crypto hub”. 

UK tests Blockchain to become a global “crypto hub”

blockchain finance

According to reports, Gwyneth Nurse, director general of the Ministry for Financial Services, said that the UK will test Blockchain technology for traditional markets next year, so as to become a global crypto hub. 

In essence, Nurse described how the underlying technology of cryptocurrencies will soon be tested in the country for the trading and settlement of shares and bonds. 

Blockchain in the UK (and beyond) has become a key priority to make the financial market infrastructure more innovative and efficient.

In this regard, during the IDX annual derivatives conference in London, Nurse said:

“The government may also want to test how trading and settlement might be brought together. A sandbox will allow to test new regulatory best practices and make permanent changes to ensure market users benefit”.

UK and crypto innovation for traditional markets

Generally speaking, in financial markets, trading in shares, bonds and other assets traditionally involves three distinct activities: trading, clearing and settlement. 

The use of DLT in the UK could change this and allow financial assets such as bonds or shares to be issued in a matter of hours rather than days or weeks.

The sandbox will be introduced alongside regulation for stablecoins as part of a new Financial Services Bill being debated in Parliament this year.

In the case of stablecoins, the UK government is also working to improve investor and market protection, especially after the collapse of Terra and its token Luna. In this sense, the UK is aiming to concretely avoid problems arising from possible cryptocurrency crashes, in particular stablecoins. 

The Digital Pound Foundation to support the digital pound

Another asset the UK is working on is the Central Bank Digital Currency (CBDC) or digital pound. This is still a slow process that could see the new digital national currency in the second half of the next decade. 

In the meantime, last October saw the establishment of the Digital Pound Foundation, an independent organization formed by a group of private sector professionals specifically dedicated to supporting the CBDC in the UK. 

In general, the Digital Pound Foundation will conduct research, advocacy, exploratory “hands on” projects and multi-stakeholder collaboration in the design, development, implementation and dissemination of the Digital Pound. 

The post UK will test blockchain for traditional markets appeared first on cryptodailynews24.com.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Donald Munn
Donald Munn
  • Website

Related Posts

Cryptocurrencies and startups related to mental health are important topics in today’s world, which have become especially relevant in the era of the COVID-19 pandemic

December 26, 2022

Premonitory signs of a bullish market, what does the VIX index show?

September 1, 2022

The Web3 Conference A Certified Carbon Neutral Event

September 1, 2022

Dubai issues regulations governing virtual asset marketing

September 1, 2022
Add A Comment

Comments are closed.

Advertisement
Top Posts

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

The latest news about Bitcoin, ICO, blockchain and fintech.

Top Insights

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023

Ukraine Stands Strong: The SpendWithUkraine.com Initiative

February 2, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
© 2023 cryptodailynews24.com Submit news release

Type above and press Enter to search. Press Esc to cancel.