UK to Appoint ‘Digital Markets Champion’ For Tokenization Effort

The UK government will appoint a so-called digital markets champion to spearhead its efforts to digitize wholesale financial markets using blockchain technology.

The new role will lead, join up and coordinate private sector work on tokenizing wholesale financial markets in the UK, Economic Secretary to the Treasury Lucy Rigby said in prepared remarks seen by Bloomberg News for a speech on Wednesday. Tokenization is the process through which traditional assets such as stocks and bonds are issued, traded and settled using the technology underpinning cryptocurrencies.