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FollowingThe UK sets up a new working group, the digital financial revolution is ready to take off
The UK is taking important steps in the field of digital finance by forming a 54-member task force. The working group aims to promote the tokenization process in domestic wholesale financial markets. The newly formed team brings together core players from the cryptocurrency space such as Circle, Ripple and Coinbase, as well as major traditional financial institutions such as Blackstone Group, Goldman Sachs, JPMorgan Chase and Morgan Stanley.
What are the goals of the working group?
The working group plans to explore and implement practical application scenarios of tokenization in the next year, starting with tokenized repurchase transactions. These efforts are led by Chris Woolard, who has been appointed head of wholesale digital markets at the UK Treasury. The working group will rely on nine professional action groups to systematically develop standards for different links in the market value chain.
How can cryptocurrencies be integrated into traditional finance?
By uniting cryptocurrencies with the traditional financial sector, the initiative aims to integrate stablecoin issuers and cryptocurrency platforms with mature banks. This symbiotic relationship aims to bridge the gap between traditional finance and digital finance by enhancing the underlying financial infrastructure.
Kirit Bhatia of Banking Circle points out that the complexity of the infrastructure is more critical than the issuance itself. He emphasized that interoperable payment systems that support real-time settlement are crucial to the prosperity of digital finance.
"Without this, digital assets could grow faster at the margins, but still be constrained by the underlying legacy systems," Bhatia warned.
- It is expected that by 2035, the tokenized asset market will reach US$88 trillion.
- The British economy may grow by 33 billion pounds every year.
- British tax revenue is expected to increase by 14 billion pounds every year.
British Chancellor of the Exchequer Rachel Reeves emphasized that global financial leadership must be grasped. The key is to take advantage of technological advances such as tokenization. The initiative is seen as a stepping stone for the UK to lead the "digital explosion" in financial services.
Reeves said "leveraging technologies such as tokenization" was crucial to maintaining the UK's financial leadership position. Chris Hayward, Chairman of the City of London Corporation, further elaborated on the opportunity to lead the digital revolution.
What is the future direction of the UK digital finance initiative?
Based on basic projects such as digital treasury bonds instruments, the working group will deploy the first batch of digital bonds before early 2027. The public can provide feedback on Woolard's report by September 2026, and the final membership list of the action team is expected to be determined later this month and a comprehensive report will be submitted next year.
