A new consortium has been launched today in the United Kingdom, in order to carry out tests for the nation’s upcoming CBDC. The Digital FMI Consortium will carry out tests on digital sterling payment rails and offer its findings to the British government.
The United Kingdom Is Building a Crypto Hub
April 4th, 2022, went down in the crypto history books, as the United Kingdom government officially included stablecoins in their new bill. As stablecoins officially became a valid form of payment, the island announced plans to become a world leader in blockchain technology. However, the UK’s Under-Secretary of State for tech and the Digital Economy, Chris Philp, explained in an interview earlier this year that the United Kingdom seeks to be a prospering crypto hub, but without the criminal activity.
The Digital Pound Foundation is partnering with crypto companies like Accenture, Avalanche, Ripple, and Quant to research stablecoins and the way they can be adopted for both government infrastructure and retail use.
Furthermore, the United Kingdom took a u-turn on requiring KYC for any unhosted wallets. Besides, if the rule would have been passed, the government could have collected as much information about anonymous crypto wallets as they please. Finally, with a more liberal stance, the country has a better chance of attracting institutional investors.
The Consortium Has Big Names Lined Up
The Digital FMI Consortium has been formed in accordance with the United Kingdom’s new legislation on blockchain and fintech. Along with many others, some of the biggest names on the roster of the UK consortium include:
- Trust Payments
In fact, the Project New Era is set to fully kick off this autumn. Besides, its main goal is to analyze the current digital currency use cases and provide a conclusion to the Parliament. The move is aligned with the United Kingdom’s new strategy towards cryptocurrency. As cryptocurrencies are recognized as the next biggest invention since the internet, the digital transformation won’t be fully completed without research on how it could affect the world’s financial system.
Ultimately, the co-founder of the consortium, Paul Sisnett, the CEO of ‘paywith.glass’ remarked, “The global race for the future of money is well underway, and we couldn’t be more excited to be leading the UK’s ambition to set the pace.”
On the Flipside
- The British Army’s Twitter & YouTube suffered from a hack, with fraudsters preying on the followers in a counterfeit crypto giveaway
- Crypto celebrity scams are on the rise in the United Kingdom, research reveals
Why You Should Care
Currently, there are 89 countries in the world working on their own digital currency. CDBC trials are crucial for global crypto adoption.
Read more about crypto innovations in the UK revealed during Queen’s Speech