Main notes
- The UK rejected the idea of national encryption reserves and Bitcoin will not retain state accounts.
- The government gives priority to American cooperation and plans to issue sovereign debt using Blockchain.
- Britain also avoids the path of Mika in the European Union, where traditional financial regulations are preferred.
The UK confirmed that it will not create a national reserve for digital assets like Bitcoin
BTC
96 $ 611
24 hours fluctuation:
2.1 %
The maximum market:
$ 1.92
Folder. 24h:
$ 29.09 b
. This announcement came during a major financial event in London, where the position of the United Kingdom was explained in the encryption strategy clearly.
UK governs coding backup plans
It should be noted that the UK government rejected the idea of storing Bitcoin and building a reserve of digital assets similar to what the United States started. Coinspeaker indicated earlier that the President of the United States of America, Donald Trump signed an executive order to create the American Bitcoin Reserve.
However, speaking at the summit of Financial Times digital assets, the UK’s Emma Reynolds Economy Secretary, Emma Reynolds, said that although digital assets remain a subject of discussion, keeping Bitcoin as state -owned reserves are not on the table.
The UK focuses on how Blockchain technology improves current systems instead of keeping encryption as part of its financial property. One of the fields that are explored is the technician’s book technique distributed for the issuance of sovereign debt. This can improve efficiency and transparency in dealing with government bonds.
It is important to add that this trend differs from the approach followed by the United States. The UK focuses more on practical tools and organized innovation more than investing in volatile digital currencies.
The government takes a cautious but aspiration. He chooses to work on real applications for digital tools in financing, instead of dealing with encryption as a descent for reserve purposes.
The Treasury is this path as more stable and better in terms of the United Kingdom’s financial structure. The country does not aim to copy what others do, but rather to build its own way in its long -term economic systems.
The United Kingdom takes a separate path from the European Union framework, Mika
Although the United Kingdom does not follow the United States on encryption reserves, it is still working closely with their American counterparts in digital asset policies. A working group of officials from both countries has been created to support cooperation. This group is expected to meet in June and focus on sharing ideas and harmonization in the areas of organization.
In addition, Coinspeaker previously noted that the UK FCA has called for general inputs on Defi offers. According to the update, FCA requires the public and the encryption industry to share their opinions. The focus focuses on organizing some digital asset services under British law.
At the same time, the UK is moving in a different direction from the European Union. It has chosen not following the European Union markets within the framework of encryption assets (MICA), which defines strict rules for digital assets across member states.
In general, the government accepts that some parts of the encryption area, especially decentralized systems such as Bitcoin, are more difficult to control. While the organization will cover many areas, full control is not always possible. The United Kingdom gets to know these limits and operates within it because it constitutes its approach to digital financing.
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Slip: Coinspeaker is committed to providing unbiased and transparent reports. This article aims to provide accurate and timely information, but it should not be considered financial or investment advice. Since market conditions can change quickly, we encourage you to check your information and consult with a professional before making any decisions based on this content.
Benjamin Jodfrey is a blockchain lover and journalist who enjoys writing about the real life applications of Blockchain technology and innovations to pay public acceptance and complementarity all over the world for emerging technology. His desire to educate people about encrypted currencies inspire his contributions to the media and famous sites in Blockchain.
The post UK Treasury Rejects National Crypto Reserve Proposal first appeared on Investorempires.com.
