Five associations have joined forces to shape the future of digital currency in the UK through improved policies, practices, and regulations. These associations, the City of London Corporation, the Digital Pound Foundation, the Payments Association, TheCityUK, and UK Finance, have formed the UK Forum for Digital Currencies (UK FDC).
The UK FDC believes that the growing global interest in and use of digital currency presents numerous opportunities for the UK to maintain its competitiveness in the FinTech industry.
To achieve this goal, the association aims to create a safe and secure environment for innovators to develop new ideas and attract foreign investment to the UK, leveraging the expertise of its member organizations.
To achieve this, the UK FDC will advocate for the establishment of a functional, dynamic, and competitive ecosystem for both publicly and privately issued digital currencies, along with a legislative and regulatory framework that promotes innovation while taking into account concerns for market integrity, consumer protection, and financial stability.
The association also supports the government’s efforts to make the UK a hub for crypto asset technology and will work to create incentives that benefit all stakeholders.
Additionally, the UK FDC will collaborate with HM Treasury and the Bank of England on their plans to develop a retail CBDC system and strategy and to engage with the private sector. The association hopes to serve as a valuable partner and advisor by helping to organize the industry.
To avoid challenges and disruptions to the existing financial services ecosystem, the UK FDC also intends to bridge the gap between the trade associations representing established companies and the new entrants to the payments sector.
The organization will take into account the diverse interests represented by each association to better understand the operational impacts and potential solutions, as well as to establish a regulatory framework that works for all.
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