Once upon a time, the UK was the dazzling star of global finance. Like a sharp-suited boss ruling the streets of London’s money game.
Not anymore, Britain is likely cooked now. George Osborne, former UK Chancellor from 2010 to 2016, knows this story well. He’s watching the crypto race now, and lemme tell you, he’s not happy.
No, thanks
In an eye-opening piece for the Financial Times, Osborne throws down a serious warning. The UK?
It’s falling behind, getting left in the dust as crypto hubs like the US, EU, Singapore, Hong Kong, and Abu Dhabi speed ahead.
And why? Because the UK’s leadership, especially Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey, are moving like they’re stuck in molasses. Osborne calls their efforts vague and their pace sluggish.
Now, Reeves talks a big game, she wants the UK to be the best place in the world to innovate.
Sounds nice, right? But Osborne’s seen enough of the boardroom poker to call her bluff.
He says it’s all talk with no real muscle behind it. Stablecoins, the digital dollars pegged to real money, are where the game’s at.
The problem? The Bank of England’s stiff rules make it nearly impossible to launch competitive stablecoins in Britain.
Bailey insists these coins must be backed by central bank deposits, which earn no interest. What’s the result? Commercial players say, no thanks.
Left behind
The global stage belongs to the US dollar-pegged stablecoin giants, holding 99% of the sector’s $250 billion value.
The UK? Almost invisible. Bailey’s cautious stance sounds like a gamble on safety but it’s bleeding opportunity.
Osborne isn’t shy about calling it. He points out how US politicians, even President Trump, have jumped on the crypto bandwagon, pushing for clear rules and real moves.
The UK, he says, needs that same fearless spark.
“We became the world’s financial centre because we weren’t afraid of change. And now? We’re completely left behind.”
Game over?
Osborne’s been the fintech pioneer before, back in 2014, he launched a Treasury review into cryptocurrencies, trying to keep Britain ahead of the curve. But this time, his tone is sharper, more urgent.
The crypto revolution demands political guts and fast action, not foot-dragging and wishy-washy promises.
So the UK is standing at a crossroads, literally evolve into a crypto powerhouse or watch the world zoom by without you.
The question is, will Reeves and Bailey take the wheel or just keep spinning their wheels? The stage is set. The players are ready. Britain better decide, before it’s game over.
Frequently Asked Questions
Why does George Osborne believe the UK is falling behind in crypto?
Osborne argues that the UK’s leadership lacks clarity and urgency in crypto regulation. While other regions like the US, EU, and Asia move fast, the UK remains overly cautious and slow, especially on stablecoin innovation.
What is the main issue with the Bank of England’s approach to stablecoins?
The Bank of England requires stablecoins to be backed by central bank deposits that earn no interest. This discourages commercial players from launching competitive stablecoin products in the UK.
How does the UK compare to global crypto leaders?
Currently, the UK is falling far behind. The US, EU, Singapore, Hong Kong, and Abu Dhabi are establishing themselves as crypto hubs, while the UK remains nearly invisible in the $250 billion stablecoin market.
What does Osborne recommend for the UK to regain momentum?
Osborne calls for bold political leadership, faster regulatory action, and a more supportive stance toward innovation—especially in the stablecoin and digital finance sectors.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
Cryptocurrency and Web3 expert, founder of Kriptoworld
LinkedIn | X (Twitter) | More articles
With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: August 5, 2025 • 🕓 Last updated: August 5, 2025
✉️ Contact: [email protected]
