伦敦画一条红线：不会创建国家加密储备

尽管有几项经济大国正在考虑将比特币整合到其储备中，但英国选择了战略性的休息。

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.

英国正在快速发展的数字资产景观中建立自己独特的道路。与包括将比特币整合到储量中的几种经济大国不同，英国政府没有计划建立国家加密保护区，英国财政部在伦敦的FT数字资产峰会上证实。

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.

这一决定与特朗普政府采用的进攻方法形成鲜明对比，特朗普政府一直在积极讨论向美国储备中增加比特币的可能性。

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?

这种选择揭示了英国加密愿景的何种选择，以及对伦敦在全球数字生态系统中的地位有什么影响？

London draws a red line : no national crypto reserve

伦敦画一条红线：没有国家加密储备

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.

英国财政部长艾玛·雷诺兹（Emma Reynolds）在伦敦金融时报在伦敦的《金融时报》上举行的数字资产峰会上发表讲话，坦率地排除了英国可以建立国家加密储备的想法。

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

当被问及遵循美国势头的可能性时，雷诺说：

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

“这不是我们的计划。我们认为它不适合我们的市场。”

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

该官方声明明显拒绝了英国国家的任何公共比特币或其他加密储存策略。

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.

这种立场显然脱离了当前在美国的态度，特朗普政府采取了公开的加密友好态度。英国通过拒绝模仿这一趋势，提出了一个谨慎而主权的方向。这是结构这种拒绝的关键要素。

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.

通过绘制这条红线，英国清楚地表明，它不打算将其储量转变为加密仪器。这种选择说明了感知到的责任的立场，旨在在面对仍然不确定的市场时保持财务稳定和国家预算信誉。

Another ambition : regulate and innovate rather than store

另一个野心：规范和创新而不是存储

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.

尽管英国拒绝使用比特币作为储备资产，但这并不意味着与加密货币领域的脱离接触。艾玛·雷诺兹（Emma Reynolds）指出，英国政府正在通过区块链技术积极研究主权债务的发行。

“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.

她说：“我们正在研究使用分布式分类帐技术（DLT）发行公共债务的潜力。”供应商的选择程序已经在进行中，其目标是“到夏季结束”，这表明对在市场基础设施中使用Web3技术的混凝土使用明显兴趣。

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.

在另一个地区，经济秘书揭示了英国与美国之间建立了一个高级工作组，旨在促进这些资产的监管合作。这个双边机构被描述为“监管论坛”，最早将在6月举行会议。

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，雷诺（Reynolds）强调，这种合作并不意味着与美国或欧洲方法的系统一致。她尤其澄清说，英国将不会制造欧盟的云母加密监管框架，而宁愿将“基于结果的”方法整合到传统的金融服务外围。

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.

这种战略选择基于“相同风险，相同法规”的原则，开辟了美国加密行动主义和欧洲规范性严谨性之间的中间路径。它可以使英国能够将自己定位为受监管的创新枢纽，能够吸引区块链参与者，同时确保金融体系的稳定性。这种混合立场是否有利于直接投资的受控实验，这是否足以使伦敦保持全球加密货币领导能力，这还有待观察。

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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发行的区块链顾问认证的科学毕业生，我于2019年加入了Cointribuna冒险。我坚信区块链有可能改变经济的许多部门，我承诺提高认识，并向公众提高人们对这个不断发展的生态系统的认识。我的目标是让每个人都能更好地了解区块链并抓住他们提供的机会。我每天都在努力对新闻进行客观的分析，破译市场趋势，传达最新的技术创新，并将其视为正在进行的革命的经济和社会问题。