U.K. Finance and its 11 member banks have completed the experimental phase of a tokenization and CBDC platform. The program, which included banks such as Barclays and HSBC, found that the platform could deliver economic value and enable new functionality such as programmable payments. The initiative aims to develop payment networks based on this technology and will work with regulators and other public bodies. The platform includes a multi-issuer tokenization platform, a wholesale CBDC, and an API layer for interoperability. The organization stated that the U.K.'s legal and regulatory framework is flexible enough to support the implementation of this platform.



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