UK promotes tokenized financial markets, could add $44 billion to annual economic output by 2035

Odaily Planet Daily News A UK government-backed industry working group report states that if the UK becomes a leader in tokenized 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 tokenized government bond by the first quarter of 2027. Ripple supports the initiative, stating that on-chain funds, bonds, and repos have already proven cheaper, better, and faster than traditional counterparts. (Cointelegraph)