The UK government will launch a pilot to offer a digital government bond instrument similar to a bond using distributed ledger technology, the Treasury said in a statement on Thursday. "The government will launch a pilot to deliver a digital government bond instrument using distributed ledger technology (DLT) to demonstrate the government's commitment to innovation in financial services," the Treasury said. DLT is the underlying technology for cryptoassets, and each node can save and update data. U.K. Treasury Secretary of State for the Economy Tulip Siddiq said that Labour will soon announce its plans for the cryptocurrency sector. Bloomberg quoted unnamed sources as saying that Labour is likely to follow in the footsteps of the former ruling Conservative Party and enact stablecoin and staking legislation.