People familiar with the matter: The UK plans to trial blockchain-based digital government bond issuance within two years – ChainCatcher

ChainCatcher news, according to Bloomberg, people familiar with the matter revealed that the UK plans to start issuing digital treasury bonds within the next two years, and Finance Minister Rachel Reeves is expected to announce a trial issuance of digital treasury bonds in a speech at Mansion House in the City of London on Thursday. It is understood that the chancellor has traditionally used this forum to announce policies to support the financial sector.

The new Labor government is working to modernize financial markets and is currently using blockchain technology to “tokenize” government debt in the hope that it will make trading in government bonds faster and cheaper.

The digital transformation comes as the UK government embarks on a £297 billion ($382 billion) borrowing program, the second largest ever, and sales are expected to remain high in the coming years. People familiar with the matter said legislation may need to be submitted to parliament before blockchain-based sales can proceed. The UK Treasury declined to comment.

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