British Former Chancellor: UK is Behind in the Cryptocurrency Space

BlockBeats News, August 4th. According to the Financial Times, former UK Chancellor George Osborne launched a fierce attack on the Labour government's approach to cryptocurrency, warning that the UK could miss out on a "financial revolution similar to that of the 1980s" and fall behind the trend.

Osborne is now a member of the Global Advisory Board of the US cryptocurrency exchange Coinbase. He said that Chancellor Rishi Sunak and Bank of England Governor Andrew Bailey are putting the UK on the slow track. Osborne said, "Rachel Reeves is right, we have all become too risk-averse. We became the world's financial center because we were not afraid of change. The harsh reality is that, like many other things, we are completely behind in cryptocurrency and stablecoins. It's time to catch up."

Osborne stated that blaming regulators for being overly cautious is an "untenable excuse," and Reeves should follow the example of the US Congress and establish a legal framework for cryptocurrency. He warned that the US, EU, Singapore, Abu Dhabi, and other places are all ahead of the UK.