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UK Government Plans Pilot for a Digital Gilt Instrument Using Distributed Ledger Technology
Chancellor Rachel Reeves will mention the DLT-based digital gilt instrument in her first annual speech laying out her long-term vision.
- "The government will launch a pilot to deliver a Digital Gilt Instrument, using distributed ledger technology (DLT)," the government said in a statement.
- Labour took over the government in July but has since said little about its crypto plans. The party is now using this speech to reassure companies it is pro-innovation.
The U.K. government will launch a pilot to deliver a digital gilt instrument — similar to a bond — using distributed ledger technology, the Treasury said in a statement on Thursday.
Finance Minister Rachel Reeves will unveil the digital gilt instrument pilot, a "Financial Services Growth and Competitiveness Strategy," measures to regulate Environmental, Social and Governance (ESG) ratings providers and measures to regulate pension mega funds during her first Mansion House speech on Thursday. Gilts are U.K. issued government bonds.
STORY CONTINUES BELOW
The Mansion House Speech is an annual opportunity for the finance minister to set out some of her long-term visions. The Labour Party took over government in July but has since said little about its crypto plans. The Treasury's statement suggests Thursday's speech is intended to reassure companies that it is pro-innovation following crypto-friendly Donald Trump's election victory.
"The government will launch a pilot to deliver a Digital Gilt Instrument, using distributed ledger technology (DLT), demonstrating the government’s commitment to innovation in the financial services sector," the Treasury said in a statement. DLT is the technology that underpins crypto assets, where data can be held and updated by each node.
Tulip Siddiq, economic secretary at the Treasury, has said that the party will announce its plans for the crypto sector soon. Bloomberg reported that Labour is likely to continue in the footsteps of the former ruling party, the Conservatives, and lay out legislation for stablecoins and staking, citing unnamed sources.
Read more: Bank of England to Carry Out CBDC, Digital Ledger Experiments
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
