The Future Development Committee of the United Kingdom (UK FDC) Is Made Up of Five Associations.
Regulating Central Bank Digital Currency (CBDC), the new regulation of stablecoins, and other valuable digital assets will be the primary focus of the UK Financial Development Committee (FDC).
The five organizations that are part of the coalition named the UK Digital Forum for Digital Currencies (UK FDC) are:
- The City of London Corporation,
- The Digital Pound Foundation,
- The Payments Association,
- TheCityUK, and
- The UK Finance
According to the release (1), the UK Financial Development Committee (UK FDC) is a venue for debate and collaboration regarding the industry's response to digital currency developments in the UK.
Notably, the UK Financial Development Committee (FDC) will focus on the possibility of a Central Bank Digital Currency (CBDC), in addition to the regulatory approach to stablecoins as well as other valuable crypto assets. While every association that makes up the UK FDC fulfills a distinct function, each will keep its autonomy to continue working toward the same goals as a unified whole.
"....the group will seek to enable a safe and secure environment for innovators to grow and attract international investment into the UK, while also helping to create a constructive bridge between the associations representing both incumbents and the emerging players in the sector. The group's mission statement is as follows: "....the group will seek to enable a safe and secure environment for innovators to grow and attract international investment into the UK."
The goal of the organization would be to
"mitigate the actual risks and alleviate the perceived risks through education and the ability to advocate for appropriate policy and proportionate regulation."
During this time, the association has charged each of the 5 members with developing educational programs that will assist in developing digital assets in an atmosphere free from danger.
The Future Development Committee of the UK
Since the United Kingdom has been so prosperous recently, it has become a center for Web3 projects in the European market. In addition, the country has well-defined legislative laws that assist Web3 developers in the construction of projects suitable for the international market.
Because the success of CBDCs is essential to the development of Web3, ensuring their continued growth is the top objective for the UK FDC. In addition, the fact that the Digital Pound Foundation is a part of the association says a lot about the goals that have been established.
By doing away with the necessity for third-party trustees, the industry of digital assets has a significant potential to bring about a transformation in the economy of the entire world.
In addition, the processing of international payments using digital assets is faster and less expensive than traditional platforms, which might take more than three days to complete a single transaction.
Despite this, the collapses of Terra Luna, FTX, and Alameda have slowed the adoption of crypto currencies, particularly in the mainstream. In addition, retail traders can gain access to the digital assets they seek through platforms that do not include custodial services, with only limited interference from government bodies.