Britain has abandoned the idea of creating a Bitcoin reserve
Date: 2025-05-07 Author: Oliver Abernathy Categories: IN WORLD
The UK authorities do not plan to form a state reserve in cryptocurrencies, including Bitcoin. This was announced by Emma Reynolds, who holds the post of economic secretary at the Ministry of Finance, during a speech at the FT Digital Asset Summit, Decrypt reports.
Reynolds noted that the British government does not intend to copy the actions of the United States in this area. According to her, Washington's approach does not correspond to the specifics of the British financial landscape. However, she emphasized that dialogue with the United States on issues of regulating digital assets remains a priority. A joint group of officials from the two countries is already working for this purpose.
A forum dedicated to regulating the cryptocurrency industry is planned for June. There, the parties intend to discuss further steps in the development of international cooperation.
In addition, Reynolds said that the UK is exploring the possibility of issuing government bonds using distributed ledger technology. According to her, the process of selecting a supplier has already been launched, and the results should be summed up by the end of the summer.
As for the European regulatory initiative MiCA, the UK is not going to implement it in full. Instead, the country will rely on an assessment of the effectiveness of regulation, rather than on following strictly defined standards. This approach, as Reynolds pointed out, is closer to the structure of the country's traditional financial sector.
She also acknowledged that control over some decentralized assets, including Bitcoin, is almost impossible. According to her, the technological features of the blockchain limit government intervention.
Recall that in April, the British authorities presented a draft regulation of the crypto market, designed to ensure transparency and protection of industry participants.
