The UK is falling behind in the cryptocurrency market, according to George Osborne, who highlights a loss of early adoption opportunities. The country missed the initial boom as the US embraced digital currencies during Trump's presidency. Osborne notes that the UK is also lagging in addressing the new wave of stablecoins, which are pegged to real-world currencies. Meanwhile, other financial hubs like Singapore and Hong Kong are establishing comprehensive regulations for crypto assets. The current British approach may hinder the pound's relevance in the evolving crypto landscape.
"What I see makes me anxious. Far from being an early adopter, we have allowed ourselves to be left behind."
"If Britain was the only financial centre in the world we could take our time to evaluate how stablecoins will develop, but we are not."
"The crypto revolution may have started with plans to replace the dollar as the world's reserve currency, but it is reinforcing its dominance."
"Britain's current approach ensures the pound won't even play a supporting role."
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