The UK, which has a cautious approach towards Bitcoin (BTC) and cryptocurrencies, has opposed the idea of a national cryptocurrency reserve.
Speaking at the Financial Times Digital Asset Summit in London, UK Treasury Secretary Emma Reynolds stated that the government has no plans to establish a national cryptocurrency reserve, according to Decrypt.
Stating that they are against the idea of the US government adopting the Bitcoin reserve approach, Minister Reynolds said that they respect the US strategy but it is not suitable for the UK.
“We do not think Bitcoin and cryptocurrencies are suitable for our market.
“At this point, we understand that the US wants this, but the idea of BTC or crypto reserves is not a plan for us.”
Reynolds noted that the UK aims to align with the US in areas other than crypto, adding, “We think that cooperation and solidarity is really important.”
Minister Reynolds said that while the concept of cryptocurrency reserves is not yet on the UK’s agenda, it is exploring the potential use of distributed ledger technology (DLT) to issue sovereign debt.
*This is not investment advice.
