Philip Hammond, formerly the UK Treasury Secretary, believes that regulators need to change their attitude towards cryptocurrencies in order not to “lag behind” competitors.
Philip Hammond emphasized that the rhetoric on cryptocurrency regulation needs to be changed so that “companies can use digital assets.” Many other countries, including Switzerland, Germany, Canada and the United States, are already changing their attitudes towards digital assets, he said.
“In the UK, we have stalled in discussions, while others are already introducing new regulations and rules. This calls into question the future success of our country’s financial sector. After leaving the EU, the UK is trying to maintain its position in the global financial arena and we must seize the opportunity presented by the digital revolution, ”said Hammond.
The former UK Treasury Secretary recalled that the UK and London have a “long track record” in financial services. Digital assets can be another factor in maintaining a country’s leadership in the financial sector. He noted that “the current system is not broken, it is simply very ineffective,” and this is where cryptocurrencies and blockchain come to the rescue.
Recently, the Financial Policy Committee (FPC) of the Bank of England warned the country’s commercial banks about the risks of cryptocurrency trading and industry involvement.