According to George Osborne, the United Kingdom’s former chancellor, the country may be losing its footing in the global crypto race.
In a Financial Times report, Osborne warned that the UK’s cautious approach to crypto regulation could put it at a disadvantage compared to other major countries, such as the United States, European Union, and Asia, in the fast-paced crypto asset landscape.
UK’s Cautious Stance on Crypto
The United Kingdom’s reluctance to dive into crypto has been mainly due to its worries about market volatility. On several occasions, Britain’s authorities have rejected adding Bitcoin to the nation’s reserves.
In recent months, specifically March and May, speculation emerged about the United Kingdom potentially following the US’s lead in establishing a strategic Bitcoin reserve. Still, the country’s Treasury office declared it would not establish such a reserve.
The decision was primarily driven by concerns about the potential for increased market volatility, which the body sees as a significant risk. While the UK is willing to support crypto businesses, it is likely taking a more cautious approach to involving itself in the crypto market through a strategic reserve.
Key Figures Bullish on Bitcoin
Like Osborne, other prominent individuals believe that the UK is at risk of missing out on crypto due to its cautious approach. In a recent report, Chairman of Reform UK, Zia Yusuf, told Bloomberg that the UK would suffer a notable loss if it did not add Bitcoin to its sovereign fund.
Coinbase CEO Brian Armstrong also shares Osborne’s optimism about Bitcoin’s potential (Osborne is also a member of the platform’s Global Advisory Council). In a tweet, Armstrong stated that some in the UK still view crypto through an outdated lens. He commented:
“There are people in the UK who still think of crypto as some kind of gambling product (a very outdated view), and have completely missed the potential of crypto, which is to update and improve the financial system for the benefit of everyone.”
Osborne also urged Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey to imitate the US in including a crypto framework. Earlier this year, US President Donald Trump enacted an order for a Bitcoin reserve in the country.
