Philip Hammond, the British politician who served as Chancellor of the Exchequer from 2016 to 2019, urged UK authorities to welcome the digital asset business. Otherwise, other countries that have already jumped on board will become global crypto leaders, while the UK would miss out on this opportunity.
The United Kingdom Should Not Miss This Opportunity
Philip Hammond, a Member of Parliament (MP) from 1997 to 2019, criticized the British government for moving too slowly toward the bitcoin realm. In his opinion, policymakers should focus their efforts in that manner in the coming months if they want to turn the UK into a cryptocurrency center.
“IT ISN’T TOO LATE FOR US TO CATCH UP AND RECOVER, BUT WE ARE GETTING VERY CLOSE TO THE POINT WHERE IT WILL BE TOO LATE.”
Hammond stated a similar position at the end of last year, claiming that bitcoin and altcoins could safeguard London’s financial stability at a time when the country is dealing with the fallout from Brexit and record inflation.
He also defined himself as a supporter of blockchain technology, which he believes will power the future trade network. As a result, domestic watchdogs should take it seriously and impose stringent regulations in the sector:
“REGULATORS HAVE BEEN HEAVILY DISTRACTED. WE NEED TO MOVE PRETTY QUICKLY TO SHOW THAT THIS TECHNOLOGY IS RECOGNIZED AND ACCEPTED BY LEGISLATORS AND REGULATORS IN THE UK.”
Lord Philip Hammond is involved in the bitcoin industry, which is worth noting. He joined Copper (a digital asset custody startup based in London) as Senior Advisor last year.
“IF WE CAN BRING TOGETHER THE BEST OF BRITAIN – ENTREPRENEURS, INDUSTRY, GOVERNMENT, AND REGULATORS – TO CREATE AND ENABLE A BLOCKCHAIN-BASED ECOSYSTEM FOR FINANCIAL SERVICES, WE WILL SECURE THE UK’S GLOBAL LEADERSHIP IN THIS FIELD FOR DECADES AHEAD,” HE STATED UPON HIS APPOINTMENT.
The Next British Pound-Pegged Stablecoin from Tether
Tether, the company behind the largest stablecoin by market value, announced earlier this week that it plans to create a new product centered on the British pound. The GBPT stablecoin, which will first operate on top of Ethereum, is slated to go online next month.
It will be pegged 1:1 to the pound and will be Tether’s fifth such product, following the USDT (linked to the dollar), the EURT (linked to the euro), the offshore Chinese yuan-pegged CNHT, and the MXNT (a recently launched token tied to Mexico’s peso).
Paolo Ardoino, CTO of Tether, hailed the United Kingdom as “the next frontier for blockchain innovation.” He also stated that his company opted to enter the local market in response to the government’s intention to make the country into a global crypto hub, an ambition that Digital Minister Chris Philp later affirmed.