🇬🇧 Crypto Blunder: UK’s ‘Catch Up’ or Miss the Stablecoin Train 🚂💨

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In the dusty fields of financial folly, the UK’s former Chancellor, George Osborne, has risen from the trenches of bureaucracy to wag a finger at the government’s crypto strategy-or lack thereof. “Catch up,” he pleads, lest the nation be left chewing the dust of the second wave of digital assets. 🌊💸

On a Monday as gray as a banker’s soul, Osborne, now a sage on Coinbase’s advisory council, took aim at Chancellor Rachel Reeves and Bank of England governor Andrew Bailey. In a piece for the Financial Times, he reminisced about the days when Britain dared to dream big. “If crypto is happening, then we want it to happen here,” they once declared. But now? Now they’re about as cutting-edge as a quill pen in a digital age. 🖋️➡️💻

Osborne, who once proudly used Britain’s first Bitcoin ATM (a relic now gathering cobwebs), laments that despite a parade of chancellors vowing to support the industry, “next to nothing has happened.” The UK, once poised to lead, now watches from the sidelines as the US and EU sprint ahead. “We missed the first wave,” he sighs, “and now we’re about to miss the stablecoin train.” 🚂💨

“We’re still deliberating,” he scoffs. “The chancellor says she’ll ‘drive forward’-whatever that bureaucratic mumbo jumbo means-while the Bank of England’s governor clings to his skepticism like a child to a blanket. This hesitation? It’s the financial equivalent of a nap during a marathon.” 🏃‍♂️💤

Osborne argues that the UK’s dilly-dallying is reminiscent of a bygone era, while financial hubs like Singapore, Hong Kong, and Abu Dhabi are drafting crypto laws faster than a Londoner dodges rain. 🌧️☔

Yes, the FCA is finally stirring, promising a regulatory framework next year. And the HM Treasury? They’ve published drafts and explainers-because nothing says “innovation” like a stack of paperwork. 📜✨

But Osborne isn’t buying it. “Requiring sterling stablecoins to be backed only by central bank reserves? That’s like bringing a spoon to a sword fight,” he quips. “Major players will innovate regardless, while we’re left holding the pound like a relic from a forgotten age.” 🥄⚔️

“Blaming regulators is a lame excuse,” he adds with a wink. “This restrictive approach ensures the pound won’t even get a cameo in the crypto blockbuster.” 🎬💷

His conclusion? A call to arms wrapped in sarcasm: “We became the world’s financial center because we embraced change. Now, on crypto and stablecoins, we’re being left behind like yesterday’s newspaper. It’s time to catch up-or forever be the punchline of financial jokes.” 📰🤡

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2025-08-05 06:39