BoE updates on digitalisation of finance

Sasha Mills has spoken on how the BoE is building a digital financial system for the UK. She considered the importance of trust in the markets, and the need for innovation to work alongside the existing system. She spoke of the significant progress it has made in creating and generating interest in the Digital Securities Sandbox, which has already shown the value of a tangible use case in the shape of the UK Government Digital Gilt pilot.

Another key development has been the upgrade of the RTGS service.

Moving on to settlement assets, the BoE will also soon consult on the UK’s systemic stablecoin regime to sit alongside the FCA’s proposals in relation to non-systemic stablecoins. It is also looking at the role that tokenised deposits could play.