PANews reported on November 15 that according to The Block , British Chancellor of the Exchequer Rachel Reeves announced a pilot project for Digital Gilt Bonds (DIGIT), which uses distributed ledger technology to issue tokenized bonds. The project is divided into three phases: issuing short-term treasury bills in the first six months; expanding to medium-term bonds within a year; and trading entirely on the chain after 18 months. DIGIT aims to improve market efficiency and promote implementation with the help of existing infrastructure such as Fnality.