The Bitcoin Policy UK Calls for Urgent Bitcoin Policy as UK’s Position Is at Risk Without Action

The Bitcoin Policy UK (BPUK) has released open letters to the Chancellor, Rachel Reeves, and the City Minister, Tulip Siddiq, outlining the urgent need for a comprehensive Bitcoin policy.

Only the US and China hold more Bitcoin than the UK.
Yet we've done nothing to capitalise on this advantage.
Today, we have written open letters to the Chancellor, @RachelReevesMP , and to the City Minister, @TulipSiddiq , with a paper including simple changes to fix this. pic.twitter.com/8F2muaP6Gr
— Bitcoin Policy UK (@bitcoinpolicyuk) July 25, 2024

The UK, holding 61,000 Bitcoin worth over three billion pounds, is the third-largest state holder of Bitcoin after the U.S. and China.

Despite this advantage, the UK has not capitalized on its position, prompting BPUK to call for immediate action.

Freddie New, Head of Policy at BPUK, emphasizes that failing to adopt a comprehensive Bitcoin policy is as neglectful as lacking an internet policy in the 1990s.

New goes on to explain that as the global landscape increasingly recognizes Bitcoin's significance, with various nations and political figures integrating Bitcoin into their financial systems, the UK risks falling behind without proactive measures.

Historical missteps, such as the undervaluation and sale of substantial gold reserves, highlight the importance of not repeating such mistakes with Bitcoin.

New proposes three key policy recommendations for the UK: creating a supportive environment for Bitcoin businesses and holders, exploring the potential of Bitcoin mining in achieving net zero goals, and recognizing Bitcoin's strategic geopolitical importance.

By ensuring a welcoming regulatory environment, conducting feasibility studies on Bitcoin mining's environmental benefits, and maintaining Bitcoin as a Treasury reserve asset, New claims that the UK can secure its financial future and assume a leadership role in the global Bitcoin landscape.

New also clarifies that implementing these policies could provide significant benefits at a relatively low cost, positioning the UK as a leader in the emerging digital financial era.