- UK Treasury dismisses the establishment of cryptocurrency reserves.
- Focus remains on regulation, not direct government holdings.
- Coordination with the U.S. for regulatory approaches continues.
The UK Treasury, through its Economic Secretary, confirmed it will not establish a national cryptocurrency reserve, citing volatility concerns, as shared during a House of Commons discussion.
The UK’s stance reflects caution due to cryptocurrency volatility, diverging from U.S. moves to create national reserves. This decision could influence global financial policies.
UK Treasury’s Stance Against Cryptocurrency Reserves
The UK Treasury has officially announced “no plans” to establish a strategic Bitcoin reserve similar to the United States, due to concerns around cryptocurrency volatility. This announcement was made in the context of changing global attitudes toward digital assets.
The Economic Secretary to the Treasury, responsible for financial services policy, highlighted these concerns at the House of Commons Treasury Committee. Chancellor Rachel Reeves aims to foster a favorable innovation climate while rejecting national reserves.
“I want to make Britain the best place in the world to innovate,” said Rachel Reeves, signaling her support for companies in the cryptocurrency sector.
The UK Treasury has introduced draft legislation on cryptoassets, focusing on a regulatory framework rather than national reserves. This aligns with the government’s ambition to boost investor confidence through the “Plan for Change.”
Ongoing collaborations with the U.S. on digital asset regulations have been seen in recent meetings in Washington D.C. Potential outcomes include a robust regulatory framework fostering private sector innovation. The UK seeks to establish itself as a crypto-friendly hub while remaining cautious on public sector involvement, contrasting EU regulatory models.
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