UK Says No to Bitcoin Reserves, Won’t Follow U.S & EU Footsteps

The post UK Says No to Bitcoin Reserves, Won’t Follow U.S & EU Footsteps appeared first on Coinpedia Fintech News At a time when countries around the world are shifting towards digital asset strategies, the UK has made it clear, it’s not following the crowd. During the Financial Times Digital Asset Summit in London, Emma Reynolds from the UK Treasury confirmed that the country will not copy the U.S. or the EU when it comes to creating a bitcoin reserve. Let’s dive in detail! No Plans to Hold Bitcoin as a Reserve While the U.S. is thinking about holding Bitcoin as part of its reserves , with a neutral budget strategy, the UK has no plans to do the same. UK Treasury, Reynolds said, “We don’t think that’s right for our market.” Instead of focusing on Bitcoin as a reserve, the UK is exploring new ways to use blockchain. One idea is to issue government debt using blockchain technology. A process is already underway to find a supplier for this, with results expected by late summer. Despite rejecting the U.S. model of holding Bitcoin, the UK still values cooperation with American regulators. Reynolds mentioned a new joint working group between UK and U.S. officials focused on crypto oversight. She said both sides agree that global collaboration is key in this fast-moving space. No Copying the EU’s Crypto Rules Reynolds also made it clear that the UK doesn’t want to copy the EU’s special crypto rules, known as MiCA . Reynolds said the UK has its way of making laws, which is more focused on outcomes rather than strict rules. She explained that the UK plans to treat crypto companies like regular financial firms if they take on the same risks. This means, “Same risk, same rules. Some Crypto Things Are Hard to Control Reynolds also admitted that some parts of crypto, like Bitcoin, are very hard for governments to control because they are fully decentralized. “There’s only so much we can do,” she said. In short, the UK is choosing a balanced and practical way to manage crypto, fitting it into old rules, not creating brand-new ones.

Source: coinpedia