Industry alliance forms to lead UK’s future in digital currencies

Five associations have formed an alliance called the UK Forum for Digital Currencies (UK FDC). Its members include the City of London Corporation, Digital Pound Foundation, the Payments Association, the CityUK and UK Finance.

Given the current landscape of ever-present digital currencies, the UK FDC has formed to try and develop better policies, practice and regulation in this area. It aims to encourage innovation and collaboration across the payments industry, so that the UK can remain competitive in the fintech sector.

One of the key aims of the UK FDC is to bridge the gap between the digital currency and existing financial sectors. It aims to mitigate the risks of the digital currency sphere, as well as remove the perceived risks by educating and guiding on appropriate regulation. According to the joint policy statement, this will involve developing terminology which marries existing definitions with the new requirements for the digital currency sector.

Nicola Radford