The UK government has confirmed its support for tokenization and new types of digital money as part of the country’s future payment systems. An updated payments roadmap says tokenized payments, programmable money, and digital currencies should be key parts of a “multi-money ecosystem” along with traditional systems. This comes as the UK gets ready to launch its main crypto regulatory framework and regulators work on policies to support tokenized finance and stablecoins.
The updated roadmap, released by HM Treasury for the Payments Vision Delivery Committee, builds on the National Payments Vision from last November. It highlights tokenization and digital money as key technologies that can drive innovation in the UK’s changing payment landscape.
The report points out that programmable payments using tokenization could help create more advanced payment services. It also says there needs to be infrastructure that lets new types of digital money work smoothly with traditional payment systems.
The roadmap comes at a busy time for UK crypto regulation.
The government’s latest position also reflects earlier commitments made in April, when it announced plans to modernize payment regulations to support tokenized deposits and stablecoins. Authorities intend to consult on reforms that would create a unified framework covering both traditional and tokenized payment services.
The Bank of England has suggested making its main settlement system available almost 24/7. This would help with cross-border payments and new settlement models as tokenized finance grows. The central bank is now collecting public feedback and will share its findings later this year.
The FCA has also said that distributed ledger technology and tokenization could make fund management more efficient and boost innovation in the UK’s asset management industry.
LATEST: 🇬🇧 UK regulators have updated their national retail payments blueprint, calling for infrastructure to support tokenized payments and interoperability across a “multi-money ecosystem.” pic.twitter.com/NfCepuI2ZB
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Source: gov.uk
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