Treasury of the United Kingdom rules out to create a Bitcoin National Reserve

By Canuto

The United Kingdom Treasury Secretary completely rules out the idea of ​​creating a national cryptocurrency reserve. The British position contrasts with the vision of the United States, where Trump created a bitcoin reserve.

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• The British government clarifies that it will not implement a national cryptocurrency reserve.
• “Not the plan for us,” clarifies the Secretary of the United Kingdom.
• The measure contrasts with US plans to create a bitcoin reserve.
• This statement occurs just when the British government advances in a new regulation.

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Despite the express ambition of the British government to become a cryptocurrency center, the European nation has clarified that it has no plans to establish a reserve of Bitcoin.

The Secretary of the Treasury of the United Kingdom, Emma Reynolds, sharply ruled out that the country contemplates the creation of a national cryptocurrency reserve as part of its monetary policy.

“We do not believe it is appropriate for our market“, Said Reynolds speaking at the event Financial Times Digital Asset Summit In London on Tuesday. The official’s comments made direct reference to the United States plans to establish a strategic reserve of Bitcoinan initiative promoted by President Donald Trump.

“Not the plan for us”, Reynolds emphasized, according to the media Decrypt and Bitcoin Magazine. “We understand that this is what the United States is looking, but that is not the plan for us ”, He added.

The British decision to reject the idea of ​​a national cryptocurrency reserve could be due to several factors, including volatility and lack of unified international regulations.

The statement assumes that, at least for the moment, the pound will maintain its supremacy in Great Britain and that cryptocurrencies will continue to be considered more as investment assets than as a sovereign reserve in that territory.

United Kingdom advances to regulate cryptocurrencies

Trump signed an executive order in March establishing the creation of a strategic reserve of Bitcoinwhich will initially be formed from the Bitcoins seized by the authorities in federal investigation. The initiative means that the United States does not plan to sell more confiscated cryptocurrencies, at least in the near future.

However, despite the fact that the United Kingdom does not share this same vision with the United States, both nations align in the need to formulate new and clear regulations for the emerging industry of digital assets.

In particular, the statements of the Treasury Secretary occur when the United Kingdom government prepares to implement a new regulatory framework for digital currencies as soon as this 2025.

Last week, the treasure of His Majesty revealed the plans to impose new rules for cryptocurrencies that allow to promote both consumers’ confidence and innovation. The British government cited the growing adoption of cryptocurrencies in the country. He said that the amount of British they have maintained or keeps active as Bitcoin It went from 4% in 2021 to 12% today.

“We are making Great Britain the best place in the world to innovate – and the safest place for consumers”said the chancellor, Rachel Reeves, declaring the country’s plans to position himself as a global crypto center.

Differs from USA, but they will cooperate in regulation

The efforts will help the United Kingdom update global leaders in the implementation of regulations adapted to the cryptocurrency industry. And the nation does not plan to do it alone.

The Government has advanced that it will cooperate with the United States to carry out its plans to regulate the sector within its existing financial services framework. Reynolds confirmed this approach, ensuring that United Kingdom has established a “Official High Level Working Group”With the United States To discuss cooperation, with a regulatory forum scheduled for June.

This follows the recent meetings between the United Kingdom Treasury Chancellor and US Treasury Secretary, Scott Besent.

The United Kingdom’s position is that the regulation of digital assets should take place “Within the regulatory perimeter that traditional financial services operates”, Said Reynolds, distancing from the European Union approach to the creation of Mica.

“We are essentially saying: “same risk, same regulatory approach””She added on Tuesday.

Reynolds also recognized the challenges in regulating certain aspects of cryptocurrencies, particularly due to the decentralized nature of Bitcoin. “There is much that the government can do in that sense“, said. “We understand that some of these things are a bit amorphous, and decentralized things are particularly difficult.”

The Financial Behavior Authority (FCA) showed how some new rules of the United Kingdom could be around cryptocurrencies, when it revealed the approach of a strict approach that would restrict cryptocurrency purchases with borrowed money, including credit cards. The regulator currently seeks comments for these and other rules.

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Article written with the help of AI, edited by Hannah Pérez / Diariobitcoin

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