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Ex-Chancellor: The UK Should Catch up With Crypto if it Wants to Lead

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Philip Hammond, a British politician who served as Chancellor of the Exchequer from 2016 to 2019, called on the UK authorities to open their arms to the digital asset industry. Otherwise, other countries that have already jumped on the bandwagon will turn into global crypto leaders, and the UK will miss this opportunity.

The UK should not miss its chance

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Member of Parliament (MP) 1997 to 2019 – Philip Hammond – criticized the British government for moving too slowly towards the cryptocurrency universe. In his opinion, lawmakers should focus their efforts in this direction in the next couple of months in case they want to turn the UK into a center for cryptocurrencies.

“It’s not too late for us to catch up and recover, but we’re very close to the point where it’s too late.”

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Hammond took a similar stance late last year, saying bitcoin and altcoins could provide financial stability for London at a time when the kingdom is grappling with the fallout from Brexit and record inflation.

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He has also described himself as a proponent of the foundation of cryptocurrency – blockchain technology – predicting that it will underpin the future trading network. Thus, domestic observers should take this seriously and apply comprehensive rules in this sector:

“Regulators have been very distracted. We need to move pretty fast to show that this technology is recognized and accepted by UK legislators and regulators.”

It is worth noting that Lord Philip Hammond is part of the cryptocurrency industry. Last year he joined Copper (a digital asset custody company based in London) as a senior advisor.


“If we can bring together the best of the British – entrepreneurs, industry, government and regulators – to create and power a blockchain-based financial services ecosystem, we will ensure the UK’s global leadership in this field for decades to come,” he said. upon his appointment.

Upcoming Stablecoin Tether Pegged to British Pound Sterling

Earlier this week, the company behind the largest stablecoin by market capitalization, Tether, announced its intentions to launch a new product focused on the UK’s national currency. The stablecoin, called GBPT, is expected to launch next month as it will initially run on top of Ethereum.

It will be 1:1 pegged to the pound and will be Tether’s fifth such product after USDT (pegged to the dollar), euro-pegged EURT, offshore Chinese yuan CNHT and MXNT (recently launched dollar-pegged token). Mexican peso).

Tether CTO Paolo Ardoino has called the UK “the next frontier of blockchain innovation.” He also said that his company decided to explore the domestic market because of the authorities’ plan to turn the country into a global crypto hub, an ambition later confirmed by Digital Secretary Chris Philp.

Featured image courtesy of Politico

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