UK appoints HSBC for blockchain bond pilot

Britain is moving to become the first G7 nation to issue sovereign debt on the blockchain by appointing banking giant HSBC and law firm Ashurst to steer a digital gilt trial expected this year. This move aims to address criticism that the UK has lagged behind jurisdictions like Hong Kong, which has already completed digital sovereign issuances. The pilot, which will operate within the Bank of England's digital sandbox, intends to reduce settlement times and operational costs for market participants. HSBC brings relevant experience, having managed over $3.5 billion in digital bond issuances using its Orion blockchain, including a significant tokenized green bond issuance in Hong Kong last year.

(Source：CoinDesk)