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UK risks falling behind on crypto
The post UK risks falling behind on crypto appeared on BitcoinEthereumNews.com. Former UK Chancellor George Osbourne warned the current government is at risk of missing out on the crypto wave as they are lagging behind in the global race. Can the U.K. catch up? Summary Former U.K. Chancellor and Coinbase Global Advisor George Osbourne says the U.K. risks falling behind to the U.S., Hong Kong, Singapore and Abu Dhabi if it doesn’t embrace crypto soon. The U.K. has yet to make major moves in terms of regulatory frameworks that accommodate crypto and has maintained a cautious approach towards digital assets. According to a recent report from the Financial Times, former Chancellor George Osborne harshly criticized the government’s cautious approach to cryptocurrencies. He believes the region is at risk of “missing out” on the crypto wave that’s sweeping the globe, much like how it was late to embrace the major financial reforms of the 1980s. “We became the world’s financial center because we weren’t afraid of change,” said Osborne as quoted by the Financial Times. “On crypto and stablecoins, as on too many other things, the hard truth is this: we’re being completely left behind. It’s time to catch up,” he continued. He said that blaming regulators for being overly cautious towards digital assets is just a “lame excuse.” Therefore, he believes the U.K. should follow in the U.S’ footsteps by establishing a crypto regulatory framework to accelerate the region’s industry. He pointed out that in terms of the global crypto race, the U.K. was at risk of falling behind compared to regions like the U.S., Singapore, Hong Kong and Abu Dhabi which have taken steps to accommodate crypto developments with regulations and government initiatives. Is the U.K. really missing out on the crypto wave? Compared to the U.S. and Hong Kong, two regions that have recently launched regulatory frameworks boosting the…
The post UK risks falling behind on crypto appeared on BitcoinEthereumNews.com.
Former UK Chancellor George Osbourne warned the current government is at risk of missing out on the crypto wave as they are lagging behind in the global race. Can the U.K. catch up? Summary Former U.K. Chancellor and Coinbase Global Advisor George Osbourne says the U.K. risks falling behind to the U.S., Hong Kong, Singapore and Abu Dhabi if it doesn’t embrace crypto soon. The U.K. has yet to make major moves in terms of regulatory frameworks that accommodate crypto and has maintained a cautious approach towards digital assets. According to a recent report from the Financial Times, former Chancellor George Osborne harshly criticized the government’s cautious approach to cryptocurrencies. He believes the region is at risk of “missing out” on the crypto wave that’s sweeping the globe, much like how it was late to embrace the major financial reforms of the 1980s. “We became the world’s financial center because we weren’t afraid of change,” said Osborne as quoted by the Financial Times. “On crypto and stablecoins, as on too many other things, the hard truth is this: we’re being completely left behind. It’s time to catch up,” he continued. He said that blaming regulators for being overly cautious towards digital assets is just a “lame excuse.” Therefore, he believes the U.K. should follow in the U.S’ footsteps by establishing a crypto regulatory framework to accelerate the region’s industry. He pointed out that in terms of the global crypto race, the U.K. was at risk of falling behind compared to regions like the U.S., Singapore, Hong Kong and Abu Dhabi which have taken steps to accommodate crypto developments with regulations and government initiatives. Is the U.K. really missing out on the crypto wave? Compared to the U.S. and Hong Kong, two regions that have recently launched regulatory frameworks boosting the…
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