UK Risking Crypto Leadership: Former Chancellor's Stark Warning
Former UK Chancellor George Osborne has stated that the UK is "completely left behind" in the cryptocurrency sector due to its cautious regulatory approach. He criticized current Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey for lagging behind global counterparts.
Osborne drew parallels to the 1980s "Big Bang" reforms and specifically cited the Bank of England's stablecoin policy as a major roadblock. The industry also voices concerns, highlighting the need for stablecoin recognition, fairer banking policies, and a clearer tax framework to foster economic growth in the crypto sector.
Experts warn that the UK's "consultation mode" is too slow, potentially causing businesses and capital to move to regions like the EU, US, or Dubai.