Former UK Chancellor: The UK is falling behind in the cryptocurrency sector

According to the Financial Times, former Chancellor of the Exchequer George Osborne has launched a fierce attack on the Labour government's approach to cryptocurrency, warning that the UK risks missing out on a transformation similar to the 'financial reforms of the 1980s' and thus falling behind the trend.

Osborne, who is now a member of the Global Advisory Council of the US cryptocurrency exchange Coinbase, stated that Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey are putting the UK in the slow lane. Osborne remarked, 'Rachel Reeves is right, we have all become too risk-averse. We became the world’s financial center because we are not afraid of change. In cryptocurrency and stablecoins, as in many other areas, a harsh reality is that we have been completely left behind. It’s time to catch up.'

Osborne indicated that blaming regulators for being overly cautious is a 'flimsy excuse,' and Reeves should emulate the US Congress by legally establishing a cryptocurrency framework. He warned that places like the US, EU, Singapore, and Abu Dhabi are all racing ahead of the UK.

In fact, China is the one severely lagging in the digital currency sector! What a pity!