George Osborne says UK has been left behind in cryptocurrency boom | Cryptocurrencies
According to former chancellor George Osborne, the UK is behind the crypto currency burst and is in danger of missing a second wave of demand.
Osborne, a consulting role in the crypto exchange company Coinbase, said the country has missed the first generation crypto because former skeptical US Donald Trump adopted digital currencies under Donald Trump.
Ossen What I see is worried about what I see. We’ve let us leave ourselves behind rather than adopting an early adopt, “Osborne wrote. Financial Times Opinion.
Osborne said England is now about to miss a new fluctuation in the crypto market: Stablecoins.
Unlike Bitcoin, which is prone to excessive fluctuations at the price, they are digital currencies designed to protect a stable value, thus fixed to the value of real world currencies such as stablecoins and dollars. However, a leading stablecoin, Terrausd collapsed in 2022.
“If it were the only financial center in the world, we would have taken our time to evaluate how Stablecoins would develop, but we are not,” he wrote. “Singapore, Hong Kong and Abu Dhabi adopted comprehensive legislative frameworks for crypto asset platforms.”
Osborne also pointed out the passing of the US Genius Law, which has created a regulatory regulator for Stablecoins, most of which is currently supported by dollar.
“The crypto revolution may have started with plans to change the dollar as the world reserve currency, but strengthens its dominance. The current approach of England allows the pound to play a supportive role,” he wrote.
US citizens can buy a Bitcoin stock market trader fund – an asset basket that can be purchased and sold in a stock market like shares – retail investors in the UK cannot do this.
Osborne accused England of a foreword on Stablecoins, with the current Chancellor Rachel Reeves last month in Stablecoins last month, “progress forward” showed insufficient commitment, the Bank of England remained suspicious.
In a speech last month, the Bank Bank Governor Andrew Bailey called for the development of standards indicating that stablecoins have passed the “money alone” test or that a Stablecoin might be a Stablecoin. changed with another money One -on -one.
Adding that the time for the “capture” of England, Osborne wrote, “This hesitation is facing the risk of indifference,” he wrote.
Another former Chancellor Philip Hammond, the president of Copper’s crypto company, is among the other crypto defenders from the 2010-15 Conservative Coalition Government.
The Treasury of England was approached to comment.
