Former UK Chancellor of the Exchequer: The UK has fallen behind in the cryptocurrency sector

George Osborne, the former chancellor of the exchequer, has launched a blistering attack on the Labour government's approach to cryptocurrencies, warning that the UK risks missing out on a "great financial overhaul of the 1980s" and falling behind. Mr. Osborne, who now sits on the global advisory board of Coinbase, the US cryptocurrency exchange, said Mr. Reeves, the chancellor, and Mr. Bailey, the governor of the Bank of England, were keeping the UK in the slow lane. "Rachel Reeves is right that we have all become too risk-averse. We are the financial centre of the world because we are not afraid of change," Mr. Osborne said. "In cryptocurrencies and stablecoins, as in so many other things, the hard truth is that we have been completely left behind. It's time to catch up. "Accusing regulators of being overly cautious was a" flimsy excuse ", Mr. Osborne said, and Mr. Reeves should follow the lead of the US Congress in developing a legal crypto framework. He warned that the US, the European Union, Singapore and Abu Dhabi were all getting ahead of the UK. (Financial Times)