Britain Rejects the Idea of a National Bitcoin Reserve

The UK Treasury has no plans to establish a national reserve of digital assets. This was stated by the Economic Secretary to the Treasury, Emma Reynolds, at the FT Digital Asset Summit, reports Decrypt.

According to her, the UK does not intend to adopt the US approach. The official noted that such a strategy is not suitable for the country’s market.

Nonetheless, Reynolds emphasized the importance of collaborating with the US on digital asset issues. A special working group of senior officials from both countries has been established for this purpose.

The forum on digital asset regulation is scheduled for June, Reynolds added.

She mentioned that the country is exploring the “possibility of issuing sovereign debt using distributed ledger technology.” According to Reynolds, the procurement process is already underway, and the government hopes to appoint a supplier “by the end of summer.”

Britain does not plan to fully adopt the European MiCA model for digital assets. The country intends to evaluate regulation based on outcomes rather than strict rules, focusing on the traditional financial sector, the official explained.

She noted that it is impossible to establish full control over some decentralized assets, especially Bitcoin. According to her, the state’s capabilities in this matter are limited by the very nature of the technology.

In April, the UK government introduced a draft of rules for the crypto industry.