This morning (18 March), the Chancellor hosted top Fintech CEOs in No. 11 and confirmed the next steps to test distributed ledger technology (DLT) in the UK gilt market
The Chancellor confirmed the start of the procurement process for Digital Gilt Instrument (DIGIT), which will test the demand for and use of DLT – which has the potential to modernise financial markets by increasing efficiency, reducing costs, and enhancing security.
The financial services sector is being invited to help shape DIGIT to support continued innovation and growth of this important sector.
This will help cement the UK as a global financial centre by boosting investment and supporting innovation in this cutting-edge technology.
Chancellor Rachel Reeves said:
The UK is leading the way on digital innovation, and the creation of DIGIT will help to transform our world-leading capital markets sector and drive economic growth.