After the Labour Party came to power, the UK's Bitcoin reserves became a key fiscal tool
After 14 years of Conservative rule, the British political situation has undergone a dramatic change - the Labour Party has finally taken control of the government. With the appointment of Chancellor of the Exchequer Rachel Reeves, the outside world has aroused great interest in how the UK will deal with its large amount of Bitcoin assets.
According to Arkham, a crypto intelligence platform, as of July 19, the UK government holds about 61,245 bitcoins, with a total value of more than $4 billion. Most of these assets originated from the seizure of money laundering cases against hotel worker Jian Wen. With the Labour government coming to power, how to manage and utilize these bitcoin assets will become an important issue of fiscal policy.
Labour’s Economic Vision and Bitcoin Strategy
New Chancellor of the Exchequer Rachel Reeves may face a difficult decision: whether to continue holding these Bitcoins or liquidate them to support the Labour Party's economic policies. Prime Minister Keir Starmer stated in his policy statement that the Labour Party will prioritize the construction of affordable housing and improving the national railway system. However, Starmer and his team have remained relatively silent on the specific policies on cryptocurrencies.
While Starmer’s stance on cryptocurrencies has yet to be made clear, the Labour government proposed 40 new bills during the King’s Speech on July 17. Tulip Siddiq, who previously served as Shadow Cities Minister and Shadow Economy Secretary, hinted before the election that she might impose tougher regulations on cryptocurrencies.
Global comparison of Bitcoin reserves
The amount of Bitcoin held by the UK makes it the country with the largest Bitcoin reserves among governments in the world, second only to the United States. In contrast, the German government liquidated its 49,858 Bitcoins through several transactions in June and July, netting about $2.8 billion. It is not clear how Germany plans these funds.
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