UK Consortium Announces Project New Era, Ready To Test Out Digital Sterling

A new consortium has been launched today in the United Kingdom, in order to carry out tests for the nation’s upcoming CBDC. The Digital FMI Consortium, as requested by the British Government, will carry out tests on digital sterling payment rails.

ICYMI there's a new UK digital currency consortium @digitalfmi

Planning privately led #CBDC trials
Incl @IBM @FinastraFS

Also Rosa & Roubini <- @Nouriel who is not a supporter of crypto, but is quite keen on #blockchain https://t.co/vM79QmXisa
— Ledger Insights (@LedgerInsights) August 17, 2022

The United Kingdom is Building a Crypto Hub

April 4th, 2022 went down in crypto history books, as the United Kingdom government officially included stablecoins in their new bill. As stablecoins officially became a valid form of payment, the island announced plans to become a world leader in blockchain technology. However, the UK’s Under-Secretary of State for tech and the Digital Economy Chris Philp explained in an interview earlier this year that the United Kingdom seeks to be a prospering crypto hub, but without the criminal activity.

The UK’s digital minister reiterates the government’s ambition to make Britain a global crypto hub, while sounding a cautious note about the potential criminal uses of digital assets https://t.co/nkT9Gqs9LT
— Bloomberg Crypto (@crypto) June 15, 2022

The Digital Pound Foundation is partnering with crypto companies like Accenture, Avalanche, Ripple & Quant to research stablecoins and the way it can be adopted for both government infrastructure and retail use.

Furthermore, the United Kingdom took a u-turn on requiring KYC for any unhosted wallets. Besides, if the rule would have been passed, the government could have collected as much information about anonymous crypto wallets as they please. Finally, with a more liberal stance, the country has a better chance of attracting institutional investors.

The Consortium Has Big Names Lined Up

The Digital FMI Consortium has been formed in accordance with the United Kingdom’s new legislation on blockchain and fintech. Some of the biggest names in the roster of the UK consortium include:

IBM
Finastra
FinClusive
Trust Payments
Ibanera

Along with many others.

In fact, the Project New Era is set to fully kick off this autumn. Besides, its main goal is to analyze the current digital currency use cases and provide a conclusion to the Parliament. The move is aligned with the United Kingdom’s new strategy towards cryptocurrency. As cryptocurrencies are recognized as the next biggest invention since the internet, the digital transformation won’t be fully completed without research on how it could affect the world’s financial system.

Ultimately, the co-founder of the consortium, Paul Sisnett, the CEO of ‘paywith.glass’ remarked that “The global race for the future of money is well underway, and we couldn’t be more excited to be leading the UK’s ambition to set the pace.”