The Chancellor of the United Kingdom reveals plans for a digital bond pilot
In her first speech at Mansion House last week, the new Chancellor of the Exchequer, Rachel Reeves, announced the launch of a pilot to implement a digital bond instrument called Digital Gilt Instrument (DIGIT), which uses distributed ledger technology.
The pilot builds on the foundations laid by the previous government and is part of the new Growth and Competitiveness Strategy for Financial Services of the government.
The Labour Party, which took power in July, has said little about its plans for the crypto industry in the UK so far. However, Reeves' speech provides confidence to businesses that the UK still plans to innovate in the financial services sector under the new government leadership.