NFT News Daily Offcial TheBitTimes.com

The UK government’s Treasury department has no plans to launch a strategic bitcoin (BTC) reserve as it deems the cryptocurrency’s volatility to be unsuitable for the UK.   This is according to a spokesperson for the Treasury who responded to Protos’ questions about its position on the US introduction of a strategic BTC reserve and whether or not the UK would follow suit. According to the spokesperson, “Bitcoin and other crypto assets have been historically volatile assets relative to stable fiat currencies like the US dollar and commodities, such as gold.” As such, they claimed, “ This volatility makes BTC less suitable as a reserve asset for the UK .” UK isn’t following America’s bitcoin plan Last Thursday, Donald Trump’s administration established a strategic BTC reserve alongside a “stockpile” for other cryptocurrencies. The reserve will contain BTC obtained from civil and criminal forfeitures and other financial penalties.  It claims it won...

The Bank of England and the U.K. Treasury are cautiously advancing the exploration of a digital pound, focusing on research and legislative groundwork without a firm commitment to launch. The Bank of England (BoE) and the U.K. Treasury, in their latest response to a consultation on a proposed digital pound, have emphasized a cautious and exploratory approach towards developing a central bank digital currency (CBDC). The response, addressing a consultation paper from February 2023, indicates a continued interest in the potential of a digital pound yet stops short of a definitive commitment. Today, we respond to the digital pound consultation. We are grateful to those who contributed. With @HMTreasury work continues to explore a digital pound in the design phase, but no decision has been made to issue one. You can read our response here: https://t.co/h4GsMkuOpd pic.twitter.com/IwN58h7rNf — Bank of England (@bankofengland) January 25, 2024 Central to the BoE and Treasury...