Britain Financial News

The UK central bank wants to create a team of up to 30 people to oversee the project, according to a report by the Times. “A team of 30 seems like quite a significant resource to focus on the digital pound,” Ian Taylor, an adviser to the trade association CryptoUK, told the Times. “It shows the impact it would have, and that the bank are serious about it.” The Bank in late March posted openings for a digital pound solution architect "to explore the technology design and architecture options for a potential retail CBDC", and a digital pound security architect, whose role will be "to explore and develop secure technology design and architecture options for a potential retail CBDC". The job ads state: "HM Treasury and the Bank of England have recently issued a Consultation Paper setting out an assessment of the motivations and design choices for a potential digital pound, alongside a Technology Working Paper which outlines our emerging thinking on CBDC technology. These papers signal that our work will now move onto a design phase, which will look at the technology and policy requirements for a digital pound." In February, Bank of England deputy governor Jon Cunlifffe told a committee of MPs that a digital pound has a better than 50/50 chance of coming to fruition. “These are big projects… this would be a very serious thing that would have to be resilient, fraud-proof, secure," Cunliffe said. “If we just wait until we say OK now we think it's needed, we will be five years behind.”

The United States Treasury Department has identified over-the-counter (OTC) cryptocurrency traders who assisted North Korea’s Lazarus Group in converting stolen crypto into fiat currency. Crypto traders in China and Hong Kong have been sanctioned by the Treasury’s Office of Foreign Assets Control (OFAC). In addition, a China-based banker was sanctioned for coordinating some of the illicit cashflow.

London-headquartered hedge fund Marshall Wace has placed big bets against UK retailers after the sector witnessed a drop in sales during March.

UK CPI data for March came higher than expected. Bitcoin (BTC) fell 3.64% to $29,020, whereas Ethereum (ETH) declined 5.60% and was below the $2,000 level. «Bitcoin fell below the US$29,000 level in the past 24 hours following the release of higher-than-expected U.K inflation figures, which showed a rise of 10.1% in the 12-month period. This sent BTC to its lowest point since April 10. The next major support now lies at the US$28,500 level,» Edul Patel, Co-founder and CEO at Mudrex, said. «As is typical with unexpected events, the market reacted, causing investors to move away from riskier assets. It may take some time for investors and traders to evaluate the potential impact of the inflation data and recover from the event,» Edul added. Other top crypto tokens were also trading lower. Litecoin declined nearly 10%. Meanwhile, BNB, XRP, Polygon and Polkadot traded with cuts. The global cryptocurrency market cap was trading lower around $1.22 trillion, falling 3.92% in the last 24 hours.

Barclays has promoted two long-serving dealmakers to co-head its leveraged finance unit in the latest senior shake-up at the UK lender.

Wrexham, the Welsh soccer club owned by Hollywood A-listers Ryan Reynolds and Rob McElhenney, secured promotion back to the English Football League (EFL) system for the first time in 15 years.

City grandees are planning to launch a comprehensive review of London’s listings regime in a bid to stem criticism over high-profile UK companies floating elsewhere.

Irish stockbroker Davy has bolstered its London operation with a senior dealmaker hire as it looks to increase its coverage of UK companies.

Galaxy Digital wants to launch a crypto-focused exchange-traded product in London, but the UK’s lack of digital assets regulation has so far held it back.

The European Union Parliament has passed into law its MiCA act, and big-time industry player and CEO of Binance Changpeng Zhao is raising support following the new crypto regulations.

John Williamson has been named the interim chair of the London Metal Exchange.

Leveraged long positions in the Bitcoin futures market have been getting “rekt” (i.e. stopped out in internet lingo) in the last few days.

The incoming global chair of Deloitte is set to stand down from the board of the scandal-hit Confederation of British Industry.

For the latest news and in-depth reports, sign up for FN's asset management newsletter here

LONDON — The collapse of Silicon Valley Bank was the result of a crisis in banking rather than technology, according to a top venture capitalist.

JPMorgan and Morgan Stanley are among a host of banks to pause dealings with the Confederation of British Industry, as City firms join a flurry of companies looking to distance themselves from the scandal-hit lobby group.

Fund giant Abrdn may quit the Confederation of British Industry, a fresh blow to the scandal-torn lobbying group after insurance giant Aviva also pulled out.

John Williamson has been named the interim chair of the London Metal Exchange.

UK deputy prime minister Dominic Raab resigned on 21 April after an independent investigation into complaints that he bullied civil servants.

The BTC/USD has lost nearly 4.50% of its value in 24 hours, trading at $28,200. The leading cryptocurrency experienced a significant drop following a massive sell order on Binance.

Baroness Helena Morrissey and Gina Miller, two of the City’s most prominent business women, have said the CBI should not be allowed to survive in its current form, as the UK’s biggest business lobby group continues to grapple with workplace misconduct allegations that have plunged it into crisis.