In a world where even your toaster is trying to burn you for bitcoin, the UK suddenly decided: 'No, we won't build our own national crypto reserve like the USA is doing.' This was said by none other than Emma Reynolds, the Economic Secretary to the British Treasury. And she said it at the Financial Times summit.
'This approach does not fit our market,' said Reynolds.
Translating from political to human: we looked at this madness and decided to just munch on popcorn for now.
Who are they — and why is this important?
The USA is creating a kind of 'digital Fort Knox' — a reservoir for crypto, likely involving FEDCoin, BlackRock, and the entire Wall Street fraternity. The goal: control, stability, and, of course, to 'make sure everything doesn't crash to hell.' The idea of using CBDC (central bank digital currency) as the main tool for macroeconomic stabilization is currently being discussed in the USA. In other words, it's like 'a new dollar, but with Wi-Fi.'
And now, attention to the numbers:
• As of Q1 2025, the crypto market is valued at $2.9 trillion, of which over $1 trillion is accounted for by stablecoins.
• The USA, through Tether and Circle, effectively dominates this sector: USDT and USDC control 82% of the stablecoin market.
• Meanwhile, the Bank of England released a 'digital pound' in test mode back in 2023, but since then — silence. The British decided not to jump into the pool until they are sure there is water in it.
What's the catch?
The UK is not saying 'no' to crypto at all. They just don't want to build a national reservoir where all digital assets will allegedly be locked up by the state. Why? Perhaps they realized what Washington has not yet understood: a centralized crypto storage is like building a casino for saints. The temptation is just too great.
And now for the best part: despite the refusal to create a reservoir, the British are synchronizing with the USA on other issues. The Chancellor of the UK has already shaken hands with American Treasury Secretary Scott Best, and now they are creating nothing less than a 'working group of senior officials.' Sounds like a room where they discuss how to regulate things they don't really understand.
In June, there will be the first meeting of this group. One can only imagine:
— 'Is DeFi like a casino without rules for you too?'
— 'Yes, but our NFTs with frogs are ruining everything.'
Jokes aside, the conclusions are serious:
1. The UK does not want to freeze liquidity in a digital coffin. They are choosing flexibility.
2. The USA continues to build a digital pyramid, where the peak is the Federal Reserve, and the base is your privacy.
3. Crypto is becoming a geopolitical tool. Don't want to be like the USA? Become an 'island of common sense' amid financial chaos.
The finale
While Washington prints digital tokens, Britain pulls out a monocle, pours tea — and observes. And perhaps there is more common sense in this than it seems. Because in a world where crypto is the new gold, maybe it’s not worth immediately building a Tower to lock everything up.
