UK Government Declines Bitcoin National Reserve Strategy
The UK has rejected the idea of creating a national Bitcoin reserve, according to statements made by Emma Reynolds, Economic Secretary to the Treasury, at the Financial Times Digital Asset Summit in London. The official mentioned that while the UK aims to become a hub for digital assets, it will take a different approach from the US and the European Union regarding cryptocurrency regulation.
“We don’t think that’s appropriate for our market,” Reynolds said, referring to the American strategy of accumulating Bitcoin in national reserves.
The UK government plans to implement a new regulatory framework for cryptocurrencies by the end of 2025, integrated within the existing financial services framework. Unlike the EU, which applies MiCA regulations, and the US, which is considering adding Bitcoin to reserves, the UK prefers an approach based on the "same risk, same regulation" principle.
Reynolds mentioned the existence of a high-level working group with the United States, with the next meeting scheduled for June. The official emphasized the challenges in regulating decentralized assets like Bitcoin.
