UK Government Establishes Open Finance Task Force
Bim Ofolami, UK's Economic Secretary to the Treasury, has revealed the establishment of an open finance task force at the ifgs 2024 event.
This initiative aligns with the recommendations outlined in the Centre for Finance, Innovation, and Technology’s (CFIT) Blueprint report released in February.
Ofolami emphasized the task force’s aim to formulate recommendations to drive CFIT’s SME lending use case by identifying essential data sets and commercial incentives.
Moreover, Ofolami underscored the necessity of fostering a conducive payments landscape for open banking to thrive, a goal to be achieved through the forthcoming National Payments Vision slated for publication by the summer recess.
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He emphasized the role of innovation from various sectors, expressing that governmental efforts must be supplemented by contributions from the broader community.
Additionally, plans for cryptocurrency legislation were disclosed, set to be enacted concurrently.
Once implemented, this legislation will bring various cryptocurrency activities, including exchange operations and customer asset management, under regulatory oversight. CFIT will lead the taskforce as announced by the minister.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
