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UK digital gilt (DIGIT): the government's first bond on a distributed ledger

3 published versions. Every version stays readable at its own address, and nothing is removed without a correction note.

  1. Version 3Current · clarification

    Added a 2.5-minute video explainer, also published on YouTube. The story text is unchanged.

    • Version 2 · clarification

      Added an illustrative image of a pound sign on a phone screen. The story text is unchanged.

      • Version 1 · created

        Story created.

        • Timeline added: The Treasury chose HSBC's Orion platform to host the DIGIT pilot after a competitive tender, and hired the law firm Ashurst for legal work.
        • Timeline added: HSBC passed Gate 2 of the Digital Securities Sandbox, the first entrant cleared to run live digital securities depository services.
        • Timeline added: At Mansion House, the Chancellor said the government is preparing for possible further DIGIT issuances if the first one succeeds.
        • Timeline added: The Treasury appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets as joint lead managers for the DIGIT pilot sale.
        • Confirmed: HSBC passed Gate 2 of the Digital Securities Sandbox, the first entrant cleared to run live digital securities depository services.
        • Confirmed: At Mansion House, the Chancellor said the government is preparing for possible further DIGIT issuances if the first one succeeds.
        • Confirmed: HSBC and LSEG signed a memorandum of understanding on a link between their digital depositories, so investors could hold DIGIT through either one.
        • Confirmed: The government expects DIGIT to be listed on the London Stock Exchange's main market as part of the pilot.
        • Confirmed: With the appointments the procurement is complete, and the government says talks with investors can now start.
        • Confirmed: DIGIT will be a short-dated bond, issued on a platform inside the Digital Securities Sandbox, settled on-chain, and kept separate from the government's main borrowing programme.
        • Open question: The government intends to change the law on the Digital Securities Sandbox to support DIGIT, but has set no date.
        • Source added: Update on the procurement for Digital Gilt Instrument (DIGIT) Pilot (GOV.UK)
        • Source added: Digital Securities Sandbox Dashboard (Bank of England)
        • Source added: Update on the Digital Gilt Instrument (DIGIT) pilot issuance (GOV.UK)
        • Source added: UK takes next step towards first digitally native government bond (GOV.UK)
        • Source added: Economic Secretary to the Treasury speech for UK Digital Assets Week (GOV.UK)