British Government Starts Funding CBDC Research: Report

The British Government starts funding CBDCs and stablecoin research with the help of Millicent, a company that got a government grant for the research so let’s read more today in our latest cryptocurrency news.

The UK awarded one of the most prestigious grants to a distributed ledger technology company Milicent and now the British Government starts funding research for stablecoins and CBDCs. Millicent is working on a project around stable coins and CBDCs and now the UK joins a few other nations that research central bank-backed digital currencies. The UK awarded one of the most competitive research grants to Millicent which is a stablecoin and CBDC digital currency proejct which will be the first one funded by the British government.

The British Government awarded a highly sought-after grant and Millicent received it. The company recieved the grant of the UK Research and Innovation Innovate UK SMART Award which is a very high0level grant sponsored by the Department for Business and Industrial Strategy. The project now has been chosen because:

“Millicent is a game-changing project that could change the way we bank and spend; [its] impact could be very significant to the U.K., financially, socially, and technically, as it can lead the way for a U.K. system backed by the Bank of England.”

Millicent is the nation’s only government-backed stablecoin and CBDC project and the company stated purpose is to help bring digital finance to the masses and claims the network can process up to 10,000 transactions every second as it is led by a former Wall Street Banker, Stella Dyer:

“In today’s system, it’s usually the people with the least money who pay the most for financial services. Millicent is designed to level the playing field for everyone, creating an ‘Internet of Value’ that is open and accessible to all.”

The Bank of England and her Majesty’s Treasury announced the next steps in its own CBDC plans which could lead to a rollout later in the next few years. Many nations have already given attention to central bank digital currencies like Malaysia, Mexico, South Africa, Singapore, the US, Canada, and Australia.

The UK Government updated the tax rules for crypto payments and rules that govern decentralized finance and crypto staking.

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• Source: https://www.dcforecasts.com/altcoin-news/british-government-starts-funding-cbdc-research-report/