Svmuu News: The British government is accelerating the tokenization of financial markets. Fifty-four financial institutions—including BlackRock, Goldman Sachs, JPMorgan Chase, HSBC, and UBS—have joined the Wholesale Digital Markets Working Group supported by HM Treasury.
Supported by the City of London Corporation, the working group will explore practical use cases for tokenization in the UK’s financial markets over the next year, with an initial focus on tokenized repo agreements.
Chris Woolard, Head of Wholesale Digital Markets at HM Treasury, stated in a report that tokenized financial markets represent a “race to the network,” and that the UK must move forward as quickly as possible or risk missing out on the opportunity to participate in the development of global digital financial infrastructure. (CoinDesk)