The British treasure does not want a bitcoin reserve and ensures that we get it. Speaking during the Financial Times Digital Asset Summit in London, Emma Reynolds, the economic secretary of the Treasury, said that the United Kingdom would not copy the hoard of the American government's cryptography.
“We don't think this is suitable for our market,” said Emma said. “We understand that this is what the United States is going, but this is not the plan for us.”
The United States, now under President Donald Trump, has taken a very different turning point on cryptographic policy. Emma stressed that Washington has made “a big change compared to the previous administration” and is now aggressively evolving towards the storage of bitcoin at the national level.
But the United Kingdom does not buy this logic. Emma has said that the country has other priorities and does not see a reserve as adapted to its financial framework.
The United Kingdom wants to work on the regulations but not the allowance
Instead of storing Bitcoin, the United Kingdom wishes to work closely with the United States on wider cryptography regulations. Emma stressed that cooperation is still important. “We think it is really important to have this collaboration and this cooperation,” said Emma.
Emma also confirmed that the Chancellor of the Echiquier and the Secretary of the Treasury Scott Bessent has already met and that an official working group has been trained. The “higher official level working group” will meet in June to discuss how the two governments can tackle the surveillance of cryptography together.
The idea is not to follow the same path but to coordinate where it makes sense. The United Kingdom wants to remain synchronized with Washington in fields such as regulations, but without imitating the American game game line. When it comes to launching a bitcoin reserve, Emma clearly indicated that there was no interest. The objective of the United Kingdom is elsewhere.
One of these areas of interest is state obligations. Emma said the Treasury is currently planning to deliver sovereign debt using the technology of the big distributed book. She said that the supply process is already progressing and that a technology supplier could be selected at the end of summer. This does not mean that the United Kingdom avoids cryptographic technology – it simply means that the government is only interested in the areas where it corresponds to its objectives.
Emma also closed the idea that the United Kingdom will adopt the strict approach to the European Union crypto. She rejected the mica regime as too rigid. “We decided not to take this special route,” she said. Unlike the EU, which promotes a closely structured system, Emma has said that the United Kingdom focuses more on results than legal models. She said that the legal style of the United Kingdom looks “much less like that of the EU”.
The British government wants cryptographic regulations to be in the existing rules used for regular finances. Emma said: “Same risk, the same regulatory approach”. She explained that cryptographic companies should be processed in the same way as traditional financial services companies.
But Emma did not claim that the government could control everything. She admitted that certain parts of the world of cryptography were out of reach. Bitcoin was his example. Its decentralized structure makes it difficult for any government to identify. “There is only little that the government can do in this regard,” she said. “We understand that some of these things are a bit amorphous, and decentralized things are particularly difficult.”
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