On August 4th, according to the Financial Times, former British Chancellor George Osborne launched a fierce criticism of the Labour government's approach to cryptocurrencies, warning that the UK might miss a financial revolution similar to the "major financial reform of the 1980s" and fall behind the trend.
Osborne, now a member of the global advisory board of the US cryptocurrency exchange platform Coinbase, said that Chancellor Rishi Reeves and Bank of England Governor Bailey are putting the UK on the slow track. Osborne stated: "Rachel Reeves is right, we've all become too risk-averse. We became a global financial center because we weren't afraid of change. On cryptocurrencies and stablecoins, like in many other things, the brutal fact is: we are completely left behind. It's time to catch up."
Osborne said that blaming regulators for being overly cautious is an "unsustainable excuse", and Reeves should follow the US Congress in establishing a legal crypto framework. He warned that the United States, European Union, Singapore, and Abu Dhabi are all moving ahead of the UK.
