Philip Hammond, a British politician who served as Chancellor of the Exchequer from 2016 to 2019, urged UK authorities to open their arms to the digital asset industry. Otherwise, other countries that have already jumped on the bandwagon will become world crypto leaders, while the UK will miss out on this opportunity.
The UK should not waste its opportunity
Member of Parliament (MP) from 1997 to 2019 Philip Hammond criticized the British government for moving too slowly into the cryptocurrency universe. In his opinion, lawmakers should focus their efforts in that direction in the coming months if they are willing to turn the UK into a cryptocurrency hub.
“It is not too late for us to catch up and recover, but we are getting very close to the point where it will be too late.”
Hammond declared a similar position late last year, saying that bitcoin and altcoins could ensure London’s financial stability at a time when the kingdom is struggling with the fallout from Brexit and record inflation.
He also described himself as a proponent of the backbone of cryptocurrency, blockchain technology, predicting that it will underpin the future trading network. As such, national control bodies should take it seriously and apply comprehensive rules in the sector:
“Regulators have been very distracted. We need to move fairly quickly to show that this technology is recognized and accepted by UK lawmakers and regulators.”
It is worth mentioning that Lord Philip Hammond is part of the cryptocurrency industry. Last year, he joined Copper (a London-based digital asset custody company) as a senior advisor.
“If we can bring together the best of Britain – business, industry, government and regulators – to create and enable a blockchain-based ecosystem for financial services, we will secure the UK’s global leadership in this field for decades to come,” he said. to his appointment.
Tether’s Next Sterling Pegged Stablecoin
Earlier this week, the company behind the largest stablecoin by market cap, Tether, revealed its intentions to launch a new product focused on the UK’s national currency. The stablecoin, called GBPT, is expected to go live next month as it will initially run on top of Ethereum.
It will be pegged 1:1 to the pound and will become Tether’s fifth such product after USDT (pegged to the dollar), Euro-pegged EURT, Overseas Chinese Yuan-pegged CNHT and MXNT (a token recently released pegged to Mexican peso).
Tether CTO Paolo Ardoino described the UK as “the next frontier for blockchain innovation”. He also said that his company decided to explore the domestic market due to the authorities’ plan to transform the country into a global crypto hub, an ambition Digital Minister Chris Philp later confirmed.
Featured image courtesy of Politico
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