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City of London, British trade groups form new digital currency advocacy alliance

January 11, 2023No Comments

The City of London has teamed up with a variety of trade associations to form the UK Digital Currency Forum, an alliance that will advocate for "best policy, practice and regulation around digital currencies," according to a statement. published for all five members.

In addition to the City of London Corporation, the city's municipal governing body, members of the forum include the Digital Libra Foundation, the Payments Association, CityUK and UK Finance. The last three organizations are national financial and professional advocacy groups that have previously been involved in the investigation and defense of cryptocurrencies.

Forum members will collaborate on an industry-wide response to developments in the cryptosphere. The statement specifically mentions central bank digital currency and โ€œthe regulatory approach to stablecoins and other variable value crypto assetsโ€ as its scope. The statement said:

โ€œThe group will seek to enable a safe and secure environment for innovators to grow and attract international investment to the UK. [โ€ฆ] The group will aim to mitigate actual risks and alleviate perceived risks through education and the ability to advocate for appropriate policy and proportionate regulation.โ€

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The group will seek to "align associations' educational programs and policy advocacy with the UK regulatory framework" to increase mutual understanding between the UK financial services industry and the cryptocurrency industry. Part of the mission of the new forum will also be "the development of a common terminology that encompasses existing definitions used in the sector in a single lexicon."

Related: Major crypto firms and groups form a coalition aimed at promoting โ€œmarket integrityโ€

The Digital Pound Foundation, the UK Finance and Payments Association formed the UK Industry Digital Currency Coordination Group in June. That association had similar goals to the UK Digital Currency Forum.

UK Forum for Digital Currencies joined the likes of CryptoUK and the British Blockchain Association in defense of the crypto industry. According to its website, CryptoUK has close to 150 community, corporate and institutional members. The British Blockchain Association has an international focus with members including universities, blockchain associations and other interested groups around the world.