The Bitcoin Policy Group has issued a cautionary advisory to the United Kingdom, urging against the sale of its 61,000 bitcoins. The group argues that retaining these holdings is essential for the country’s economic strategy and future financial stability.
In their letter, the Bitcoin Policy Group underscores the significant value of the U.K.’s bitcoin reserve, estimated at over $4 billion. They reference past financial missteps by other nations, such as Germany’s bitcoin sales and the U.K.’s gold reserve sale under Gordon Brown, as warnings. The group stresses that maintaining the bitcoin holdings can enhance national wealth and provide a hedge against future economic uncertainties.
“[Retaining the bitcoin holdings] would enable the United Kingdom to continue to transact with its trading partners even in the event that all other channels of transaction were closed,” the Bitcoin Policy Group stated.
The letter also calls for policies that support the growth of the bitcoin industry within the U.K. Recommendations include creating a favorable regulatory environment, ensuring access to banking services for bitcoin businesses, and conducting feasibility studies on bitcoin mining as part of the U.K.’s net zero goals. The Bitcoin Policy Group asserts that these measures will not only protect the value of the U.K.’s bitcoin assets but also position the country as a leader in the digital economy.
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