Former U.K. finance minister urges regulators to change attitudes toward cryptocurrencies
Philip Hammond, the former UK finance minister, believes that regulators need to change their attitudes towards cryptocurrencies in order not to "fall behind" the competition.
Philip Hammond stressed that the rhetoric of the cryptocurrency regulation discussion needs to change so that "companies can use digital assets." Many other countries, including Switzerland, Germany, Canada and the U.S., are already changing their attitudes toward digital assets, he said.
Former U.K. finance minister urges regulators to change attitudes toward cryptocurrencies
"In the U.K., we're stalled on discussions, and others are already introducing new regulations and rules. This raises big questions about the future success of our country's financial sector. After leaving the EU, the UK is trying to maintain its position on the global financial stage and we must seize the opportunity that the digital revolution presents," Hammond stressed.
The former U.K. Treasury Secretary recalled that the U.K. and London have a "great track record" within financial services. Digital assets could be another factor in maintaining the country's leadership in the financial sector.
He noted that "the current system is not broken, it's just very inefficient," and this is where cryptocurrencies and blockchain come in.
The Bank of England's Financial Policy Committee (FPC) recently warned the country's commercial banks about the risks of cryptocurrency trading and involvement in the industry.
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