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George Osborne, his wife Frances. Credit: Fred Duval / Shutterstock.
The UK has already missed the first wave of the cryptocurrency boom – and now risks losing out again, former chancellor George Osborne has warned in a critique of the government’s “hesitation” on digital assets.
It is not a Financial Times Osborne stated in an opinion piece on August 4 that the UK has “allowed themselves to be behind” as countries like Singapore and Hong Kong have embraced crypto platforms with clear rules. Osborne, a former Coinbase advisor, believes that stablecoins are the next big thing.
He noted that US residents can now buy Bitcoin ETFs, something UK retail investors are still unable to do.
Osborne criticized the recent pledge by current chancellor Rachel Reeves to “drive” forward work on stablecoins. He called it insufficient. He also claimed that the Bank of England led by Andrew Bailey was too sceptical.
Osborne claimed that the crypto market was once seen as a threat to the US Dollar, but now it is strengthening its dominance thanks to stablecoins with dollar backing and the passage America’s Genius Act.
“Britain’s approach today ensures that the pound will not even play a supportive role,” he warned.
A Treasury spokesperson defends the UK’s strategic approach, telling The Guardian“Robust crypto rules will boost investor confidence and support the growth of Fintech in the UK.”
What do you think? Should the UK act more quickly on crypto or should it be cautious?
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