Summary
- Former UK Chancellor George Osborne pointed out that the UK is lagging behind in innovation in the fields of virtual assets and stablecoins.
- Osborne stated that countries such as the United States, EU, and Singapore are leading in the establishment of global regulatory frameworks.
- He commented that the excessively cautious attitude of the regulatory authorities is an obstacle to the UK's financial growth.
Former UK Chancellor George Osborne strongly criticized the current Labour government's virtual asset (cryptocurrency) policy, warning that the UK is falling behind in the global financial innovation race.
According to the Financial Times (FT) on the 4th (local time), former Chancellor Osborne said in an interview, "The UK is missing a major opportunity for financial reform like in the 1980s," adding, "In the fields of cryptocurrency and stablecoins, the UK has fallen completely behind."
He stated, "The United States, European Union (EU), Singapore, and Abu Dhabi are rapidly establishing regulatory frameworks," emphasizing, "Now is the time for the UK to catch up."
He also targeted Rachel Reeves, the UK Chancellor of the Exchequer, and Andrew Bailey, Governor of the Bank of England, criticizing, "They are driving the UK into a period of low growth."
Former Chancellor Osborne said, "The reason we became the global financial center was because we were not afraid of change," and argued, "There are no excuses for the overly cautious attitude of the regulatory authorities."
Osborne is currently serving as a member of Coinbase’s Global Advisory Council, a cryptocurrency exchange.
Uk Jin
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