UK to trial blockchain-based Gilts within two years (Ledger Insights)

On November 14, 2024, the U.K. Chancellor of the Exchequer announced that HM Treasury plans to launch a distributed ledger technology (DLT) based Digital Gilt Instrument (DIGIT) pilot. No details were provided, but according to an earlier Bloomberg story, it could launch within two years. Also on November 14, UK Finance, a trade association for the U.K. banking and financial services sector, published a paper that it submitted in April 2024 to HM Treasury and the Debt Management Office, with options for such a pilot. These was an “evolutionary” approach to be deployed in three phases over 18 months, and a “big bang” approach that could be deployed in 12 to 18 months. [Read more at Gov.UK]

U.K. government confirms ongoing digital pound design phase (HM Treasury)

The U.K. HM Treasury published its National Payments Vision, in which it committed to continue the design phase for a retail central bank digital currency (CBDC) in partnership with the Bank of England. It reconfirmed that no decision has been taken on whether to implement a digital pound, but any decision to proceed would be accompanied by the introduction of primary legislation, ensuring full Parliamentary scrutiny by both Houses of Parliament, before any launch. Legislation would be preceded by a further public consultation and would guarantee users’ privacy and control of their money. “Irrespective of the final decision, by partnering with the private sector on proofs of concept and experiments, the work will support private innovation in digital currency technologies [and] deepen the retail payments expertise of the UK public authorities. [Read more at HM Treasury]

Norway can wait with CBDC, government task force says (Bloomberg)

A Norwegian government-sponsored task force concluded that there’s no rush for the central bank to launch an e-kroner. However, work should be started “on the necessary regulatory changes” for a possible introduction of a CBDC that may become relevant in future. “The committee doesn’t currently see a need to introduce digital central bank money for reasons of financial inclusion, privacy or emergency preparedness, but doesn’t rule out that a central bank digital currency may in the future be a relevant instrument for safeguarding these considerations.” [Read more on the Norwegian government website]

Sponsored Content:

Supercharge your CBDC research and deployment strategy with Chavanette’s Alpha Knowledge Platform (⍺LP)—the ultimate resource for deep insights into CBDCs and the ecosystem of CBDC technology providers and solutions. Get insider access to the top 20 CBDC platforms through the GALACTIC GRID, dissected by Chavanette’s expert framework. Lead the digital central banking revolution with the tools necessary to deploy Central Banking 4.0—stay informed, stay bold, stay transformative. Be the leader. Register for access here and get a 10% discount on the first year with the kiffmeister10 code.

Upcoming Speaking Engagements:

• Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [Find out more and register here]

And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.