Osborne: UK Risks Crypto Irrelevance Amid US Gains

Former UK Chancellor George Osborne has warned that Britain risks falling behind in the global cryptocurrency and stablecoin race due to indecision and overly cautious regulation from both the government and the Bank of England. Osborne criticizes Chancellor Rachel Reeves and Bank Governor Andrew Bailey for policies that make UK-issued stablecoins commercially unattractive and for lacking clear regulatory frameworks. He compares the current situation to the 1980s 'Big Bang' reforms, urging bold action to maintain the UK's competitiveness as jurisdictions like the US, EU, Singapore, Hong Kong, and Abu Dhabi move ahead. The US has empowered private sector stablecoin development with new legislation, resulting in most stablecoins now being dollar-backed and reinforcing US influence in global finance. This has left the UK with minimal presence in the market, as stablecoins already facilitate trillions in transactions worldwide. Experts warn that continued UK hesitation could lead to long-term economic and geopolitical irrelevance.