UK Rejects National crypto Reserves, Focuses on Blockchain Tech
Teh UK government has decided not to create national cryptocurrency reserves for now. Economic Secretary to the Treasury, Emma Reynolds, shared this view at the FT Digital Asset Summit in London.
When asked if the UK would follow the U.S. in holding Bitcoin,Reynolds said,”it’s not suitable for our market.” However, she highlighted the UK’s interest in blockchain technology. The government is looking into using distributed ledger technology for issuing sovereign debt.
Reynolds, who took over after Tulip Siddiq resigned, will lead the UK’s crypto regulation and central bank digital currency plans. Her role is crucial as the government aims to make the UK a digital asset hub while ensuring strict compliance.
Despite the UK’s stance on crypto reserves, it’s working closely with the U.S. on digital assets. Reynolds mentioned discussions between the UK Chancellor and U.S. Treasury Secretary Scott Bessent. They’ve formed a working group to focus on digital assets.
This shows the UK’s strategy differs from the U.S. on state-level crypto holdings. Yet, both countries align on regulation and blockchain experimentation. Reynolds’ comments reflect the UK’s careful but active approach to integrating digital assets into its financial system.
