UK Finance, Member Banks See Benefits During Experimental Phase of a Tokenization, CBDC Platform

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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

U.K. Finance alongside 11 of its members completed the experimental phase of a tokenization and CBDC platform.Trade association U.K. Finance said it completed the experimental phase of a tokenization and central bank digital currency platform and is looking to work with regulators and other public bodies on developing payment networks based on the technology.

Involving 11 member banks, including Barclays, Citi UK, HSBC and Natwest, as well as professional service firms, the program concluded that such a platform would help deliver economic value and could enable new functionality such as programmable payments. The Regulated Liability Network is a financial market infrastructure “that can deliver new capabilities for payments and settlement, including tokenization and programmability,” U.K. Finance said in a statement.

The core of the platform comprised a multi-issuer tokenization platform that facilitated the issuance of tokenized commercial bank deposits plus simulated a wholesale– a digital token issued by a central bank for institutions, not retail users. It also included an application program interface layer that enabled interoperability across all forms of money and existing ledgers.

“The legal and regulatory framework of the U.K. is sufficiently flexible to support the implementation of a ‘platform for innovation’, subject to further implementation and regulatory engagement,” the organization said.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

 

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