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UK Rules Out Bitcoin Reserve, But Eyes Blockchain for Sovereign Debt
By: coindoo|2025/05/06 21:30:01
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While the United States under President Donald Trump has taken a bold pro-crypto stance—most notably by stockpiling Bitcoin—the UK is steering a more cautious course.“We don’t think that’s appropriate for our market,” Reynolds said. “We understand that’s what the U.S. is going for, but that’s not the plan for us.”Her comments come as the U.S. government, under Trump’s directive, appears to be integrating cryptocurrency into its economic strategy. Trump, who will complete his first 100 days in office this week, has already signed several executive orders advancing crypto-related initiatives, including the controversial creation of a Bitcoin reserve and a shakeup of U.S. financial regulators like the SEC.Aligning on Regulation, Not ReservesWhile diverging on reserves, Reynolds stressed that the UK is still seeking close regulatory coordination with the United States. She cited recent meetings between UK Chancellor of the Exchequer and U.S. Treasury Secretary Scott Bessent, and announced the formation of a bilateral working group focused on digital asset policy.“We think it’s really important to have that collaboration and cooperation,” Reynolds said, noting a clear shift in U.S. attitudes toward crypto compared to the Trump administration’s earlier approach.The new “regulatory forum” will convene in June to deepen discussions around digital asset oversight, cross-border innovation, and the evolving role of central banks in a crypto-enabled economy. .dark-mode .read-more {background-color: #343a40 !important;} READ MORE: Bernstein Predicts $330 Billion Corporate Bitcoin Allocation in Next 5 Years UK Explores Blockchain for Sovereign DebtThough the UK has ruled out a state-backed crypto reserve, distributed ledger technology (DLT) is still on the table for use in government bond issuance. Reynolds revealed that the Treasury is actively exploring how blockchain could streamline sovereign debt processes, adding that the procurement phase is underway, with a supplier expected to be appointed by late summer.This move could make the UK one of the first major economies to issue debt on-chain, following in the experimental footsteps of countries like Germany and Singapore.The post UK Rules Out Bitcoin Reserve, But Eyes Blockchain for Sovereign Debt appeared first on Coindoo.
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