UK Finance Minister Pushes for Blockchain-Based Digital Gilts Despite Opposition

On October 2, British Finance Minister Tulip Siddiq championed the issuance of “digital gilts” utilizing blockchain technology, as reported by COINOTAG. Nonetheless, internal opposition emerged from the Debt Management Office (DMO), the executive arm of the Ministry of Finance accountable for the issuance and management of government bonds. In discussions, a former minister and several officials disclosed resistance from the DMO. Siddiq, however, remains resolute, stressing the necessity for the UK to avert the risk of lagging behind international competitors. According to a Treasury insider, despite resistance to the proposed reforms, Siddiq fails to see valid objections. She argues that such a move aligns with long-term objectives and is crucial for maintaining global competitiveness.