Former UK Chancellor George Osborne expressed concerns about the country losing its position in the global cryptocurrency race.
Warnings from George Osborne
George Osborne, the former Chancellor of the UK, stated that the country is 'falling behind' in the crypto sector and risks 'becoming irrelevant.' He noted that the US, UAE, and Asia are leading in crypto innovations. Osborne urged Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey to help Britain move out of the 'slow lane,' proposing the establishment of a framework for stablecoins.
Reeves’ Ally on the Crypto Situation
One of Reeves’ allies claimed that the UK is 'doing quite a lot' in the crypto space, emphasizing that the country is the largest center for European fintech. He pointed out that the UK is closely working with the US to form a tech partnership as part of the US-UK trade agreement.
Criticism of Cautious Regulatory Approach
Charlie Morris, founder of ByteTree, acknowledged that the Financial Conduct Authority (FCA)'s cautious approach to crypto is understandable due to Bitcoin's volatile past. However, he pointed out the need for the UK to revise its crypto policy. Osborne also highlighted that the lack of regulatory clarity is hindering sector growth and causing the country to miss opportunities in cryptocurrency.
Osborne urges the UK government to more actively embrace blockchain technologies and improve regulation in the crypto industry to avoid falling behind more agile jurisdictions.
