The UK government has dismissed the idea of creating a national cryptocurrency reserve, distancing itself from the United States’ approach to digital asset accumulation, Economic Secretary to the Treasury Emma Reynolds said Monday at the Financial Times Digital Asset Summit.
Speaking during the event in London, Reynolds stated that while the U.S. has shown interest in stockpiling Bitcoin, the UK has no plans to follow suit.
“We don’t think that’s appropriate for our market,” Reynolds said, noting that the government’s digital asset strategy would diverge from American efforts.
Focus on Transatlantic Cooperation
While a crypto reserve is not on the table, Reynolds emphasised that the UK remains committed to close collaboration with the United States on broader digital asset regulation. She pointed to a growing framework for dialogue between the two nations, referencing recent high-level meetings between UK Chancellor Jeremy Hunt and U.S. Treasury Secretary Scott Bessent.
The UK and U.S. have also launched a senior official-level working group to deepen cooperation on regulatory approaches. That group is expected to convene in June for a formal “regulatory forum,” Reynolds said.
The Economic Secretary highlighted what she called a “big change” in U.S. crypto policy following the Trump administration, implying that the evolving regulatory climate in Washington is a factor in shaping UK engagement.
Exploring Blockchain for Government Debt
Although a state-held crypto reserve is off the agenda, the UK is exploring how distributed ledger technology (DLT) could be used to issue sovereign debt. Reynolds confirmed that the Treasury has begun a procurement process to identify a supplier for the initiative, with a target to make an appointment by late summer.
The move signals an interest in applying blockchain innovations within traditional financial frameworks, even as the government opts for caution on cryptocurrency adoption.
No specific timeline was offered for a pilot or issuance, but Reynolds said the effort was part of broader efforts to modernise financial infrastructure.
