30s Summary

The UK government plans to test a new digital Gilt instrument using blockchain technology, indicating a growing interest in financial innovation. The Labour Party, which took power in July, is spearheading this initiative, alleviating concerns about their stance on cryptocurrencies from tech companies. The government aims to utilise distributed ledger technology (DLT) for this project. The Labour Party appears prepared to establish regulations for stablecoins and staking, following the path of the former Conservative government.

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The UK government has announced that it will be testing out a new digital Gilt instrument using blockchain technology. In case you didn’t know, gilts are essentially UK government bonds. This test run is a clear sign that the government is keen to innovate in the financial space.

The Labour Party, which took power this July, will be leading this effort. The party had been pretty quiet about their plans for cryptocurrency, but it seems they’re now ready to show that they’re onboard with pushing for innovation. This should be music to the ears of tech companies who were unsure about where the new government stood on crypto.

The government is set to make use of distributed ledger technology (DLT), which is the tech that powers cryptocurrencies, to deliver the Digital Gilt instrument. So, keep your eyes peeled for more announcements about the government’s plans for the crypto space as the Labour Party seems ready to follow the previous Conservative government’s steps in outlining rules for stablecoins and staking.