Publish a strategy for blockchain & stablecoins. We want this to: 1. Drive a pro-innovation stablecoin & tokenisation regulatory regime e.g. support interest bearing stablecoins & preserve role as wholesale settlement asset 2. Explore Govt uses for blockchain 3. Appoint a blockchain & crypto czar
For centuries London was the centre of global trade and finance. We consider that the future is digital where equities, bonds and real world assets exist as tokens - tradeable 24/7, instantly, globally. We consider stablecoins to be the basis of a tokenised economy; the US has ruled out CBDCs and is leaning into stablecoins. The UK is at a crossroads and we believe it will fall behind without a strategy. This is a question of national interest to preserve the competitiveness of the City and sterling’s global standing.
Government response
The government published its Wholesale Digital Markets Strategy in July and will bring forward legislation for a financial services regulatory regime for cryptoassets this year.