UK Finance, the UK's financial industry association, said it has completed the experimental phase of its tokenization and CBDC platform and is looking to work with regulators and other public institutions to develop a payment network based on the technology.
The project involves 11 member banks, including Barclays, Citi UK, HSBC and Natwest, as well as professional services firms. The project concluded that such a platform would help create economic value and could enable new features such as programmable payments.
The Regulated Liability Network is a financial market infrastructure that "can provide new capabilities for payments and settlements, including tokenization and programmability," UK Finance said in a statement. (CoinDesk)