PANews reported on November 12 that according to Bloomberg, people familiar with the matter revealed that the UK plans to start issuing digital government bonds in the next two years, and Chancellor of the Exchequer Rachel Reeves is expected to announce the trial issuance of digital government bonds in a speech at Mansion House in the City of London on Thursday. It is understood that the Chancellor of the Exchequer traditionally uses this forum to announce policies to support the financial industry.

The new Labour government is seeking to modernise financial markets and is using blockchain technology to “tokenise” government debt in the hope it will make trading government bonds faster and cheaper.

The digital transformation comes as the British government embarks on a 297 billion pound ($382 billion) borrowing program, the second-largest ever, with sales expected to remain high in the coming years. People familiar with the matter said legislation may need to be submitted to Parliament for blockchain-based sales to proceed. The U.K. Treasury declined to comment.