The United Kingdom is falling into the digital asset market, especially in the area of Stablecoins, despite the technology’s potential to help the country maintain its leading role in global financial services.
That is a key message in a recent -only Financial periods on-ed by George Osborne, the former UK Chancellor became a crypto lobbyist, which Join Coinbase as a counselor last year.
“What I see is anxious for me. Far from being an early adopter, we allowed ourselves to be left behind,” wrote Osborne, referring to his native UK.
A major concern for Osborne is the lazy development in stablecoins -onchain representations of Fiat money It helps to reduce friction in cross-border transactions and remittances.
London’s position as a global finance hub, he argued, derived from the willingness to embrace the change – an attitude that it had all but abandoned.
“In crypto and stablecoins, like so many other things, the difficult fact is this: we are completely left. It’s time to meet,” Osborne wrote.
While the United States is advancing the law such as Genius Act To boost the role of dollars as a dominant global currency reserve, Osborne warned that the UK government’s care “ensures that the pound also does not play a supporting role,” featuring excessive greenback lead in the Stablecoin market.
That is a significant caution, given the rank of pounds sterling to the top five most traded currencies in the world, according to Bank for International Settlements.
Osborne’s OP-Ed is worth a destructive critique of current Chancellor Rachel Reeves, who, he noted, failed to follow his promise to take brave steps in Stablecoins.
Related: Boom to RWA tokenization demonstration after passing the Genius Act – Aptos Exec
Coinbase’s satirical ad emigrating controversy
Osborne’s OP-Ed followed the release of a provocative musical ad by Coinbase, the company she advised, which criticized the UK for mismanagement of the economy and ongoing cost-of-living crisis.
The entitled “All is well,” the ad satirize the bloody state of the country, perhaps as a way to highlight the potential of crypto as an alternative forming wealth.
“If all is well, then don’t change anything. But when the financial system doesn’t work for so many people in the UK, it has to be updated,” Coinbase wrote in a YouTube caption with the ad.
COO of Coinbase Brian Armstrong claimed last week that the ad was banned by major television networks in the UK. However, the CNBC Says It cannot independently verify the claim like Monday.
While it is difficult to measure accurate Opensecrets.
As politico reportedThe company began lobbying for a decade ago and since its efforts have been significantly drained. In fact, the publication noted that Coinbase spent more lobbying than any other crypto firm.
The latest ad campaign and Osborne’s OP-Ed suggest that the company has again focused its attention on the UK-a market that first entered it in 2015.
Related: UK regulator lifted a ban on crypto eths for retail investors
