The United Kingdom is at risk of late in the rapidly evolving world cryptocurrency Market, according to former chancellor George Osborne. In a recent element published By the Financial Times, Osborne expressed his concern that the nation has already missed the first wave of cryptographic innovation, and should now miss the second, especially in the middle of the growing prominence of stablecoins.
“What I see makes me anxious,” he wrote. “Far from being an early adopter, we let ourselves be left.” Osborne, who is currently an advisor to the main exchange of Crypto, Coinbase, has attributed the position to the train of the United Kingdom to a slow regulatory action and a lack of emergency of political decision-makers.
The world moves, but the United Kingdom is motionless
While jurisdictions such as Singapore, Hong Kong and Abu Dhabi quickly implemented clear and united cryptocurrency regulations, actively welcoming digital financial innovation, the United Kingdom continues to delay. According to former chancellor George Osborne, other regions are quickly established as world crypto hubs, while the United Kingdom seems to be observing passively from the touchline.
The former chancellor said that stablecoins, unlike Volatil Bitcoin, are linked to real currencies and could become the next great thing on the market. But the United Kingdom drags its feet. The United States already have adopted the act of geniusA law that creates rules for stablecoins, and now most stablescoins are set to the US dollar. This means that the United States gives the pace again. “The cryptography revolution may have started with dreams to replace the dollar,” wrote Osborne, “but instead, that only strengthens the dollar. The book will not even play the safeguard at this rate.”
Missed opportunities and mixed signals
Osborne also criticized current leadership for determining determination. Although Chancellor Rachel Reeves recently committed to “advancing” with the regulation of cryptography, Osborne argued that the declaration lacked specificity and emergency. He also underlined the prudent approach of the Bank of England, Governor Andrew Bailey emphasizing the need for Stablecoins to meet the criteria such as “celibacy of money” before being considered as viable alternatives to fiduciary currency.
“This hesitation risks non-record,” said Osborne. He is not alone in his concern. Another former chancellor, Philip Hammond, is now president of the Copper digital asset infrastructure company, signaling growing interest in the former government’s sector. Meanwhile, in the United States, retail investors already have access to Bitcoin (ETF) negotiated funds via public procurement. On the other hand, British investors remain limited to participating in similar financial products. Osborne has cited this as another indication that the country is delaying while the rest of the world accelerates its adoption of digital assets.
Banque of England always dragging the feet on stablescoins
Even if the stablecoins gain speed in the world, the Bank of England is always super careful. Governor Andrew Bailey continues to wonder if the stablecoins really count as “real money”. He said something like, if I give you a book, it should be worth the same thing as your book, so any digital version must work exactly like that, one for one.
The Bank of England now plans to allow Stablecoins to generate modest yields on their underlying reserves, a notable change compared to its previously more conservative position. However, despite this review, there is no final regulatory roadmap. A consultation document is later scheduled for this year, but criticisms such as former Chancellor George Osborne remain skeptical about slow pace.
Final warning or missed boat?
Osborne’s overall message is clear. The United Kingdom must act decisively and without further delay if it hopes to play a significant role in the future of digital finance. According to him, the prudent and reactive approach of the government endorses the country’s potential to emerge as the world leader in cryptographic innovation. “It’s time to catch up,” said Osborne.
It remains to be seen if political decision -makers will respond urgently. But while other countries continue to shape the digital financial landscape, the prolonged inaction of the United Kingdom is becoming more and more visible.
