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

ChainCatcher news, according to the Financial Times, former UK Chancellor George Osborne has launched a fierce attack on the Labour government's approach to cryptocurrencies, warning that the UK risks missing out on a financial reform akin to "the major financial reforms of the 1980s," thus falling behind the trend. Osborne, now a member of the Global Advisory Council of the American cryptocurrency exchange Coinbase, stated that Chancellor Reeves and Bank of England Governor Bailey are putting the UK in the slow lane.

Osborne said, "Rachel Reeves is right; we have all become too risk-averse. The reason we became a global financial center is that we are not afraid of change." "In cryptocurrencies and stablecoins, as in many other areas, a brutal fact is that we are completely left behind. It is time to catch up." Osborne indicated that blaming regulators for being overly cautious is a "flimsy excuse," and Reeves should follow the example of the U.S. Congress by legally establishing a cryptocurrency framework. He warned that places like the U.S., EU, Singapore, and Abu Dhabi are getting ahead of the UK.