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The UK should catch up with Crypto if it wants to lead

Philip Hammond – a British politician who served as Chancellor of the Exchequer from 2016 to 2019 – urged the UK authorities to open their arms to the digital asset industry. Otherwise, other countries that have already jumped on the bandwagon will become global crypto leaders, while the UK will miss this opportunity.

The UK should not waste its chance

The Member of Parliament (MP) from 1997 to 2019 – Philip Hammond – criticized the UK government for moving too slowly into the cryptocurrency universe. In his view, if lawmakers are ready to turn the UK into a cryptocurrency hub, they should focus their efforts in this direction over the next few months.

“It is not too late for us to catch up and recover, but we are approaching the point where it will be too late.”

Hammond stated a similar position late last year, saying Bitcoin and the altcoins could ensure London’s financial stability at a time when the kingdom is grappling with the aftermath of Brexit and experiencing record inflation.

He also described himself as a proponent of crypto’s backbone – the Blockchaintechnology – and predicted that it will underpin the future trading network. Therefore, domestic watchdogs should take it seriously and apply comprehensive rules in the industry:

“Regulators were heavily distracted. We need to act fairly quickly to show that this technology is recognized and accepted by legislators and regulators in the UK.”

It is worth noting that Lord Philip Hammond is part of the cryptocurrency industry. Last year, he joined Copper (a London-based digital asset custody firm) as a Senior Advisor.

“If we can bring together the best of the UK – entrepreneurs, industry, government and regulators – to create and enable a blockchain-based financial services ecosystem, we will ensure the UK’s global leadership in this space for decades to come,” he said his appointment.

Tether’s upcoming stablecoin with pound sterling

Earlier this week, the company behind the largest stablecoin dipped market capitalizationtether – announced its intention to launch a new product focused on the UK local currency. The stablecoin, dubbed GBPT, is expected to go live next month as it will initially build on it Ethereum.

It will be pegged 1:1 to the pound and will be Tether’s fifth such product after USDT (pegged to the dollar), EURT pegged to the euro, CNHT pegged to the offshore Chinese yuan and MXNT (a recently launched token , which is pegged to the dollar). Mexican peso).

Tether’s CTO – Paolo Ardoino – described the UK as “the next frontier for blockchain innovation”. He also said his company decided to explore the domestic market because authorities were planning to turn the country into a global crypto hub – a goal that the digital secretary – Chris Philp – later confirmed.

Featured image courtesy of Politico

Source: Crypto News Deutsch

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