According to a statement issued by its five members group, the City of London has joined forces with some trade associations to create the UK Forum for Digital Currencies. This alliance will fight for better policies, practices, and regulations around digital currencies.
The five-member alliance comprises the digital pound foundation, CityUK, UK finance, and the City of London. The last three organizations have previously been involved in cryptocurrency advocacy and research. They are national financial and professional advocacy groups.
Major justifications for the coalition stern from the fact that despite the risk involved, cryptocurrency is rapidly gaining ground and might eventually change how people see the money. The UK forum for digital currencies (FDC) also highlighted the growing interest of people in crypto and the need for the UK to harness the potential therein fully
To address changes in the crypto sphere, the forum members of the group will work together on a coordinated industry response. The statement cites the regulatory approach to stablecoins and other variable value crypto-assets and central bank digital currency as its areas of responsibility.
The group will aim to match the associations’ education programs and policy advocacy with the UK’s regulatory framework to promote greater understanding between the UK’s financial services sector and the crypto business.
Universities, blockchain organizations, and other international interested groups make up the membership of the British Blockchain Association, which has a global orientation.
The UK Industry Digital Currencies Coordination Group established in June by the Digital Pound Foundation, Payments Association, and UK Finance all have similar objectives to those of the UK Forum for Digital Currencies.
Recall that the UK Forum for Digital Currencies joined organizations like CryptoUK and the British Blockchain Association to promote the cryptocurrency industry. According to its website, CryptoUK has close to 150 members from community businesses and institutions.