Governments are increasingly appreciating the potential of blockchain to overhaul financial markets and many are making the technology a core part of their plans for digitalising their economies. One way governments can signal a clear and lasting commitment to the technology’s integration is through their own bonds.

There is hot demand for the tokenisation of these instruments. But without a clear direction of travel, this is proceeding in different directions. Governments can play an important role in setting the tone for innovation, providing a standard around which market participants can coalesce. Exactly what those standards should look like is not yet clear.

OMFIF is inviting a select group of institutions to join a new working group. These institutions will represent public blockchains, commercial banks and associated service providers. The working group will host two workshops to examine these issues, bringing together all sides of the debate to find a way forward.

Our working group has two aims:

1. To promote the value of issuing tokenised versions of government bonds.
2. To ensure that, in doing so, treasuries and debt management offices do not artificially or unnecessarily restrict their choice of architecture.

The working group's conclusions will be presented in a report, building on the policy recommendations of OMFIF's Global Blockchain Policy Working Group research to find new solutions to these issues.