The UK government is stepping up efforts to move financial market tokenization forward, according to CoinDesk. A total of 54 financial institutions, including BlackRock, Goldman Sachs, JPMorgan, HSBC and UBS, have joined a wholesale digital markets working group backed by HM Treasury. The initiative is supported by the City of London Corporation and will spend the next year examining practical tokenization use cases across UK financial markets. Its initial focus will be tokenized repo transactions. Chris Woolard, HM Treasury’s head of wholesale digital markets, said in a report that tokenized financial markets amount to a "network race" and that the UK needs to move as fast as possible or risk missing a role in building global digital financial infrastructure.
The UK government is accelerating its push into financial market tokenization, CoinDesk reported. A wholesale digital markets working group backed by HM Treasury has drawn 54 financial institutions, including BlackRock, Goldman Sachs, JPMorgan, HSBC and UBS.
The group, supported by the City of London Corporation, will spend the next year exploring practical tokenization use cases in UK financial markets. Its initial area of focus is tokenized repo.
In the report, Chris Woolard, HM Treasury’s head of wholesale digital markets, said tokenized financial markets are a "network race." He said the UK must move as quickly as possible or risk missing the chance to take part in building global digital financial infrastructure.
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