While countries around the world turn towards digital asset strategies, the United Kingdom has made it clear, they do not follow the crowd. During the Financial Times Digital Summit in London, Emma Reynolds from the UK Treasury Department He stressed that the country The United States or the European Union will not be copied when it comes to creating Bitcoin reserves.
Let’s dive in detail!
There are no plans to hold bitcoin as a reserve
While the United States is considering keeping Bitcoin as part of its reserves, with a neutral budget strategy, the UK has no plans to do the same.
“We don’t think this is suitable for our market,” said Reynolds, the UK Treasury Department. Instead of focusing on bitcoin as a reserve, the UK explores new ways to use Blockchain. One of the ideas is the release of government debt using Blockchain technology.
There is already ongoing process to find a resource for this, with results expected by late summer.
Although the United States model rejects Bitcoin, the United Kingdom is still appreciating cooperation with American organizers. Reynolds mentioned a new joint working group between the United Kingdom and US officials focused on censorship. She said that both sides agree that global cooperation is the key in this fast field.
Do not copy the rules of encryption of the European Union
Reynolds also explained that the UK does not want to copy the special encryption rules in the European Union, known as MICA. Reynolds said the UK has its own way of setting laws, which focuses more on results rather than strict rules.
She explained that the UK plans to treat encryption companies such as regular financial companies if they carry the same risks. This means, “the same risks, the same rules.
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It is difficult to control some encryption things
Reynolds also admitted that some parts of encryption, such as Bitcoin, are very difficult for governments to control them because they are not completely central. She said, “There is only much that we can do.”
In short, the UK chooses a balanced and practical method for encryption management, and their installation in old rules, not completely new laws.
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Common questions
The United Kingdom will organize encryption companies such as traditional financing companies in light of the principles of “the same risks, the same rules.”
Not completely – messages are recognized by decentralized assets such as bitcoin that is difficult for any government to control it.
The United Kingdom and the United States have established a joint working group to enhance cooperation in organizing cryptocurrencies and control.
