"News of the new role was announced by Economic Secretary to the Treasury Lucy Rigby, in a speech on Wednesday at the Digital Assets Week conference in London. It's not yet clear who might be in line for the job, but the individual will need to be an industry figure with enough knowledge and connections to get competing agencies - the Bank of England, the UK Treasury, and the Financial Conduct Authority (FCA) - to agree to a common framework."
"The government is also setting up a new group, the Dematerialisation Market Action Taskforce (DEMAT), to co-ordinate the UK's move away from paper-based share certificates. Tech suppliers are also being invited to bid to take part in the government's Digital Gilt Instrument (DIGIT), a platform to issue sovereign debt, Rigby is reported to have said. The range of initiatives underlines the complexity of migrating the financial system from the manual, paper-based systems that have been in use for centuries to ones that are fully digital."
"In July, the government set out the arguments for change in its Wholesale Financial Markets Digital Strategy policy paper, saying today's financial processes are slow, costly, and rely on manual systems, which together stifle financial innovation. Adopting blockchain Distributed Ledger Technology (DLT) would, the paper argued, allow financial assets to exist as tokens on shared ledgers, overhauling markets by lowering costs, dramatically speeding up transactions, and increasing transparency."
The UK government plans to appoint a 'digital markets champion' to modernize financial transactions through blockchain-based shared ledgers. The role requires an industry figure capable of aligning the Bank of England, the UK Treasury, and the Financial Conduct Authority on a common framework. The government is creating the Dematerialisation Market Action Taskforce (DEMAT) to coordinate the move away from paper share certificates and inviting tech suppliers to bid for the Digital Gilt Instrument (DIGIT) for sovereign debt issuance. The Wholesale Financial Markets Digital Strategy argues current processes are slow, costly, and manual, and that tokenisation via DLT could lower costs, speed transactions, and increase transparency.
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