Insiders: The UK plans to trial blockchain-based digital government bonds issuance within two years

2024-11-12 10:55:16

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ChainCatcher news, according to Bloomberg, informed sources revealed that the UK plans to start issuing digital government bonds within the next two years. Chancellor of the Exchequer Rachel Reeves is expected to announce a trial issuance of digital bonds during her speech at Mansion House in the City of London on Thursday. Traditionally, the Chancellor uses this forum to announce policies that support the financial sector.

The new Labour government is working to modernize the financial markets and is currently utilizing blockchain technology to "tokenize" government debt, hoping that this move will make government bond trading faster and cheaper.

Amid the digital transformation, the UK government is undertaking a £297 billion ($382 billion) borrowing plan, the second-largest borrowing plan in history, with sales expected to remain high in the coming years. Informed sources indicated that legislation may need to be submitted to Parliament to proceed with blockchain-based sales. The UK Treasury declined to comment.

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