The UK is backward in the digital asset market, especially in the field of Stablecoins, despite technology capabilities to help the country maintain its pioneering role in global financial services.
This was a central message in a conversation Financial times For example Written by George Osborne, the former UK’s former adviser turned into coding compression groups, who joined Coinbase as a consultant last year.
“What I see makes me anxious. Far from being an early homogeneous, we allowed ourselves to leave behind them,” Osborne wrote in the United Kingdom.
One of the main concerns of Osporen is the slow progress in Stablecoins- Onchain representations for Fiat currencies that help reduce friction in transactions and transfers across the border.
He said that the position of London as a global financial center stems from its willingness to embrace innovation – a position that has been abandoned.
“On encryption and niches, as in many other things, the difficult fact is:” we have left completely, “Osborne wrote. It is time to catch a knee. ”
While the United States provides legislation like a genius law to strengthen the role of the dollar as the dominant global reserve currency, Osborne warned that the United Kingdom government’s failure “guarantees that the pound will not play a supportive role”, while highlighting Greenback’s progress prevailing in the Stablecoin market.
This is a big setback, given that the British pound ranks among the five best trading currencies in the world, according to what he said Bank of International Settlements.
OSBorne Osborne has reached a major criticism of the current advisor Rachel Reeves, who failed to continue her promise to take bold steps on Stablecoins.
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Coinbase’s satirical advertisement raises controversy
OSBorne’s Op-Ed has followed the release of a provocative music advertisement by Coinbase, the company that advises the United Kingdom for its economic mismanagement and the continuous cost crisis.
Entitled “Everything is OK”, mocks the announcement of the country’s dark state, perhaps as a way to highlight the potential of Chefu as an alternative to the generation of wealth.
“If everything is fine, do not change anything at all. But when the financial system of many people in the UK does not work, it should be updated,” Coinbase wrote in a comment on YouTube accompanying the advertisement.
Coinbase CEO Brian Armstrong last week claimed that the advertisement was banned by major television networks in the United Kingdom. However, cnbc He said It is not possible to independently verify the claim from the two.
Despite the difficulty of determining it specifically, Coinbase was a major player in pressure on American encryption, especially in 2024, when he poured millions of dollars to efforts during the central elections, according to what it said. OpenSecrets.
As Politico I mentionedThe company has begun to pressure more than a decade since then, its efforts have increased significantly. In fact, the post indicated that Coinbase has been spent more on more than any other encryption company.
Her latest advertising campaign and Osborne’s Posting refers to re-focusing her attention to the United Kingdom-its first income market in 2015.
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The post UK Falling Behind on Stablecoins, Crypto Adoption first appeared on Investorempires.com.
