UK finance minister Tulip Siddiq recently confirmed plans to use distributed ledger technology (DLT) to issue a pilot digital gilt (DIGIT) equivalent to a UK gilt.
He added that the pilot would be part of a digital securities sandbox but would not fall under the jurisdiction of the Debt Management Office, which is responsible for all gilt and treasury bill operations.
Prior to the announcement, the FT reported that Siddiq wanted to move forward with DIGIT despite opposition from the Debt Management Office (DMO). The report cited a former minister and several department officials as saying that the DMO was resisting the move.