UK pushes for tokenised financial markets, could add $44 billion to annual economic output by 2035

Odaily Planet Daily News A UK government-backed industry working group has reported that if the UK becomes a leader in tokenised financial markets, it could add up to £33 billion (approximately $44 billion) to annual economic output by 2035. The report proposes a 12-month plan to test the use of blockchain in financial transactions where securities are used to borrow cash, and calls for the UK to issue its first tokenised government bond by the first quarter of 2027. Ripple supports the initiative, stating that on-chain funds, bonds, and repurchase agreements have already proven to be cheaper, better, and faster than their traditional counterparts. (Cointelegraph)