UK's Emma Reynolds Rejects Bitcoin Reserve at FT Summit, Eyes June U.S. Collaboration

The UK Treasury has ruled out the establishment of a national Bitcoin reserve, with Economic Secretary Emma Reynolds stating at the Financial Times Digital Asset Summit in London that such a move is 'not the plan for us' and not appropriate for the UK market. Reynolds emphasized that the UK will not follow the U.S. in stockpiling Bitcoin.

Instead of a national crypto reserve, the UK is focusing on cooperation with the U.S. on digital assets. A 'senior official level working group' has been formed, involving the UK's Chancellor of the Exchequer and U.S. Treasury Secretary Scott Bessent, to discuss this collaboration. The group, described as a 'regulatory forum', is set to meet in June to further these discussions under the Trump administration's approach to crypto.

Reynolds also mentioned that the UK is exploring the potential of issuing sovereign debt through distributed ledger technologies, with a procurement process underway aiming to appoint a supplier by late summer. The UK has decided against adopting the EU's Markets in Crypto Assets (MiCA) regulations, preferring to regulate digital assets within the existing framework for traditional financial services.

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