倫敦畫一條紅線：不會創建國家加密儲備

儘管有幾項經濟大國正在考慮將比特幣整合到其儲備中，但英國選擇了戰略性的休息。

The United Kingdom is forging its own unique path in the rapidly evolving landscape of digital assets. Unlike several economic powers, including the United States, which is considering integrating bitcoin into its reserves, the British government has no plans to create a national crypto reserve, British Treasury confirmed at the FT Digital Asset Summit in London.

英國正在快速發展的數字資產景觀中建立自己獨特的道路。與包括將比特幣整合到儲量中的幾種經濟大國不同，英國政府沒有計劃建立國家加密保護區，英國財政部在倫敦的FT數字資產峰會上證實。

This decision sharply contrasts with the offensive approach adopted by the Trump administration, which has been actively discussing the possibility of adding bitcoin to U.S. reserves.

這一決定與特朗普政府採用的進攻方法形成鮮明對比，特朗普政府一直在積極討論向美國儲備中增加比特幣的可能性。

What does this choice reveal about the British crypto vision and what will be the implications for London’s place in the global digital ecosystem?

這種選擇揭示了英國加密願景的何種選擇，以及對倫敦在全球數字生態系統中的地位有什麼影響？

London draws a red line : no national crypto reserve

倫敦畫一條紅線：沒有國家加密儲備

Speaking at the Digital Asset Summit organised by the Financial Times in London from May 6 to 7, 2025, the British Treasury’s Economic Secretary, Emma Reynolds, flatly ruled out the idea that the United Kingdom could be establishing a national crypto reserve.

英國財政部長艾瑪·雷諾茲（Emma Reynolds）在倫敦金融時報在倫敦的《金融時報》上舉行的數字資產峰會上發表講話，坦率地排除了英國可以建立國家加密儲備的想法。

Asked about the possibility of following the American momentum, Reynolds stated :

當被問及遵循美國勢頭的可能性時，雷諾說：

“This is not the plan for us. We do not think it is appropriate for our market.”

“這不是我們的計劃。我們認為它不適合我們的市場。”

This official statement marks a clear refusal of any public bitcoin or other crypto storage strategy by the British state.

該官方聲明明顯拒絕了英國國家的任何公共比特幣或其他加密儲存策略。

Such a stance clearly stands out from the current attitude in the United States, where the Trump administration adopts a openly crypto-friendly stance. By refusing to imitate this trend, the United Kingdom asserts a cautious and sovereign direction. Here are the key elements that structure this rejection.

這種立場顯然脫離了當前在美國的態度，特朗普政府採取了公開的加密友好態度。英國通過拒絕模仿這一趨勢，提出了一個謹慎而主權的方向。這是結構這種拒絕的關鍵要素。

By drawing this red line, the United Kingdom clearly indicates that it does not intend to transform its reserves into crypto instruments. This choice illustrates a stance of perceived responsibility that aims to preserve financial stability and national budgetary credibility in the face of a market still deemed too uncertain.

通過繪製這條紅線，英國清楚地表明，它不打算將其儲量轉變為加密儀器。這種選擇說明了感知到的責任的立場，旨在在面對仍然不確定的市場時保持財務穩定和國家預算信譽。

Another ambition : regulate and innovate rather than store

另一個野心：規範和創新而不是存儲

While the United Kingdom refuses to use bitcoin as a reserve asset, this does not mean disengagement from the crypto field. Emma Reynolds specified that the British government is actively studying the issuance of sovereign debt via blockchain technology.

儘管英國拒絕使用比特幣作為儲備資產，但這並不意味著與加密貨幣領域的脫離接觸。艾瑪·雷諾茲（Emma Reynolds）指出，英國政府正在通過區塊鏈技術積極研究主權債務的發行。

“We are examining the potential to issue public debt using distributed ledger technologies (DLT),” she stated. A vendor selection procedure is already underway, with a goal of designation “by the end of summer,” showing a clear interest in the concrete use of Web3 technologies in market infrastructures.

她說：“我們正在研究使用分佈式分類帳技術（DLT）發行公共債務的潛力。”供應商的選擇程序已經在進行中，其目標是“到夏季結束”，這表明對在市場基礎設施中使用Web3技術的混凝土使用明顯興趣。

In another area, the Economic Secretary revealed the establishment of a high-level working group between the United Kingdom and the United States, aimed at fostering regulatory cooperation on these assets. This bilateral body, described as a “regulatory forum,” will hold a meeting as early as June.

在另一個地區，經濟秘書揭示了英國與美國之間建立了一個高級工作組，旨在促進這些資產的監管合作。這個雙邊機構被描述為“監管論壇”，最早將在6月舉行會議。

However, Reynolds emphasized that this collaboration does not mean systematic alignment with American or European approaches. She notably clarified that the United Kingdom will not be making the EU’s MiCA crypto regulatory framework, preferring an “outcome-based” approach integrated into the traditional financial services perimeter.

但是，雷諾（Reynolds）強調，這種合作並不意味著與美國或歐洲方法的系統一致。她尤其澄清說，英國將不會製造歐盟的雲母加密監管框架，而寧願將“基於結果的”方法整合到傳統的金融服務外圍。

This strategic choice, based on the principle of “same risk, same regulation,” opens an intermediate path between American crypto activism and European normative rigor. It could enable the United Kingdom to position itself as a hub of regulated innovation, capable of attracting blockchain players while ensuring the stability of the financial system. It remains to be seen whether this hybrid stance, which favors controlled experimentation over direct investment, will be sufficient to keep London in the race for global crypto leadership.

這種戰略選擇基於“相同風險，相同法規”的原則，開闢了美國加密行動主義和歐洲規範性嚴謹性之間的中間路徑。它可以使英國能夠將自己定位為受監管的創新樞紐，能夠吸引區塊鏈參與者，同時確保金融體系的穩定性。這種混合立場是否有利於直接投資的受控實驗，這是否足以使倫敦保持全球加密貨幣領導能力，這還有待觀察。

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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

我是Alyra發行的區塊鏈顧問認證的科學畢業生，我於2019年加入了Cointribuna冒險。我堅信區塊鏈有可能改變經濟的許多部門，我承諾提高認識，並向公眾提高人們對這個不斷發展的生態系統的認識。我的目標是讓每個人都能更好地了解區塊鏈並抓住他們提供的機會。我每天都在努力對新聞進行客觀的分析，破譯市場趨勢，傳達最新的技術創新，並將其視為正在進行的革命的經濟和社會問題。