CCI and GDF are the two leading global members associations representing firms delivering crypto and digital assets solutions and were pleased to jointly respond to the Bank of England’s Discussion Paper (DP) on its approach to innovation in money and payments.
The following are the key principles discussed in further detail in our full response to this DP:
1.) DLT and programmable platform adoption is highly likely as well as relevant for both capital markets and regulatory objectives.
2.) There is industry support for further innovations in wholesale settlement.
3.) Stablecoin and tokenized deposit regulation should be distinct and proportionate to the risks presented by each asset.
4.) Programmable platforms and DLT can support the Bank of England in achieving its objectives.
5.) The UK must act decisively to regain a competitive advantage or risk falling behind.