In another statement against Bitcoin integration at the economic level, the UK’s financial department says it has no plans to implement a strategic Bitcoin reserve like the United States. According to the department’s office, the Cryptocurrency Volatility makes it inappropriate for Britain, said a spokesman this week.
“Bitcoin and other crypto assets have historically been volatile assets in relation to stable fiat currencies such as the US dollar and goods, such as gold,” spokesman said. The representative was added, “This volatility makes BTC less suitable as a reserve supply for the UK.”
Yes to us Bitcoin Reserve, No to UK Bitcoin Reserve
However, Britain has and frankly the entire EU has not had the same positive attitude to a Bitcoin reserve. Several representatives have suggested that such a crypto reserve has no place there. This is largely due to the controversy and volatility around the industry. The UK currently has approximately 61,245 BTC worth over $ 5 billion. Almost all this sum consists of a large criminal seizure that took place last year. However, the UK has not yet decided to sell Bitcoin or burn it.
Despite this feeling from the government’s spokesmen and officials, the crypto industry is still leaking into the United Kingdom. At the beginning of February, top exchange Coin base Officially received legislative approval to start crypto services in the UK. The platform announced that it had been granted a virtual asset service provider (VASP) registration in the UK. While it was a big move for crypto, just a few months earlier, UK prohibited Popular cryptop platform pump.fun.
