UK Finance, an organization that represents the British banking and finance industry via a trade association, is expanding its experimentation with using a common ledger system for recording transactions between financial entities.
In the rapidly developing crypto industry, this project aims to enhance and simplify business operations for involved parties. Notable finance companies like Barclays Plc, Lloyds Banking Group Plc, Citigroup Inc., Mastercard Inc., and Visa Inc. are currently partaking in the preliminary trial phase.
Over the past two months, this represents the tasks I’ve been working on, enabled by Quant – a firm specialized in building interoperable blockchain networks. Gilbert Verdian, Quant’s CEO, has expressed approval for the progress and is anticipated to disclose the results before August’s end, via UK Finance.
this action lays the groundwork for a commercial system using central bank digital currencies, accessible to all banks, and endorsed by the UK government’s Technology Working Group, which advocates partnership among relevant parties to achieve goals regarding tokenization.
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2024-04-16 03:00