The UK Rejects the Idea of a National Bitcoin Reserve

The UK Ministry of Finance does not plan to create a national reserve of digital assets. This was announced by Emma Reynolds, Economic Secretary to the Treasury, at the FT Digital Asset Summit.

According to her, the UK is not going to adopt the US experience. The official noted that such an approach is not suitable for the country's market.

At the same time, Reynolds emphasized the importance of cooperation with the States on digital assets. A special working group of high-ranking officials from the two countries has been set up for this purpose. 

She said the country is exploring ”the possibility of issuing sovereign debt using distributed ledger technology.” According to Reynolds, the procurement process is already underway and the government hopes to appoint a supplier ”by the end of the summer.”

Britain has no plans to fully borrow the European model for digital assets MiCa. The country intends to evaluate regulation on outcomes rather than rigid rules, focusing on the traditional financial sector, the official explained.

She noted that it is impossible to establish full control over some decentralized assets, especially bitcoin. According to her, the possibilities of the state in this matter are limited by the very nature of the technology.

UK unveiled draft rules for crypto industry

The UK government published consultation papers on draft legislation for the crypto industry. They would provide a regulatory environment for activities such as exchanges and the issuance of stablecoins.

The authorities also planned to set new admission and disclosure requirements for the digital asset market.

The bill built on the Financial Markets Act of 2023, which expanded the Treasury's powers. Unlike EU countries, where MiCA regulations are in place, the UK was still just forming rules for the industry.

Finance Minister Rachel Reeves said the new regulations are aimed at attracting investment and developing the digital sector. She emphasized that the country will work with the US to support the responsible growth of the crypto market.

The discussion of the document was open until May 25. The government had promised to publish separate rules related to market abuse and disclosure later.

Osborne Clarke lawyer Nick Price, in comments to Reuters, called the bill ”simple and straightforward”. He said it would provide greater certainty, stability and consumer protection.

Scottish school to introduce bitcoin payments 'first in the UK'

Lomond School boarding school will start accepting bitcoin tuition in the fall of 2025.

Representatives of the school, located in the Scottish town of Helensborough, said they made the decision in response to requests from parents of students, including international students;

According to the administration, the initiative is in line with the school's ”ideals of independent thinking and innovation”.

The payments will be introduced in several stages. Initially, the received cryptocurrency will be converted into pounds sterling to ”reduce currency risks”. The institution has no plans to accept assets other than bitcoin.

According to Lomond School's statements, this is the first case of cryptocurrency adoption among private schools in the UK.

Tuition is up to £38,000 (about $49,700 or 0.58 BTC at the time of writing) per year. The school accepts local and international students from three to 18 years old.