British Chancellor Mulls Sales $ 7.2 billion Bitcoin Stash to close the gap in national finances

Trade Association Cryptouk has urged the British government to take ‘a long -term vision’ of holding BitcoinAfter reports that the home office of the UK cooperates with the police to seize just over $ 7.2 billion (£ 5.33 billion).

British newspaper The daily Telegraaf This weekend reported that the British Chancellor of the Treasury, Rachel Reeves, is investigating the sale of the BTC interests of the government as a means to strengthen public finances.

Nevertheless, Cryptouk has warned about such a movement, with a spokesperson for the body that says Decrypt That all the plans to do this would “be opposed” to promote the recent steps of Reeves to promote growth in the Crypto and Fintech sector of the UK.

“We would encourage the government to take a long-term vision about keeping crypto and deeply consider what message would send this digital assets to the UK’s crypto industry,” said the spokesperson.

Reeves himself claimed that there is a “black hole” of $ 29.7 billion (£ 22 billion) in the public finances of the UK, based on the difference between government spending and government income.

The $ 7.2 billion that the British government currently has in confiscated BTC would go a way to closing this gap, although Cryptouk suggests that it might be more wise to follow the recent examples of other states.

“Other jurisdictions now have Bitcoin -reserves and Bitcoin ski skist are becoming increasingly popular with companies,” said his spokesperson.

Bitcoin -Reserves around the world

In the US, President Donald Trump signed an executive order in March in which the creation of a National Crypto stock based on confiscated digital assets, while various movements have been made in the direction of strategic Bitcoin reserves in Bhutan, Pakistan, Sweden and the Czech Republic.

In the UK, the leader of the right-wing reform party, Nigel Farage, stated that his party from the Bank of England would demand that he sets up a Bitcoin reserve in the case of a government-led government.

While the current British government has previously deposited cold water on the idea of a National Bitcoin reserve, plans would be discussed by the Home Office (the British Ministry of the Interior) The establishment of an official storage system for cryptocurrencies.

This system would process the sale of Bitcoin (or other tokens of the government), although it is currently not clear what percentage of any revenues would go to HM Treasury.

There is also the issue that the Bitcoin interests of the British government are almost entirely from the 2021 impact of just over 61,000 BTC, which was cheated by mainly Chinese investors in a Ponzi schedule.

The victims of the fraud have asked the Chinese authorities to make diplomatic efforts to get the bitcoin back to them, as a result of which questions are asked whether the British government will legally be able to sell its participations.