Digital Assets
The question
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of adopting the common domain model standard in the Digital Gilt Instrument programme; and if she will make an assessment of the potential impact of doing so on the (a) interoperability, (b) automation and (c) transparency of that programme.
Answered by Emma Reynolds
In April the government issued a market engagement notice for the pilot digital gilt instrument (DIGIT) to understand both the current landscape of services available or in development in the UK and what potential investors want to see from a DIGIT issuance. This included questions aimed at understanding how important interoperability and other design features would be for meeting the project’s objective to catalyse the growth and adoption of DLT in UK financial markets.
The department is in the process of analysing responses to inform the design of DIGIT ahead of issuing an invitation to tender in the coming months.
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