George Osborne Warns UK Is Falling Behind in Global Cryptocurrency Race

Published: 04 August ‘2025. The English Chronicle Desk

Former UK Chancellor George Osborne has raised alarm over the United Kingdom’s lagging position in the fast-evolving global cryptocurrency landscape, warning that indecision and regulatory delays could cost the country its competitive edge in the next wave of digital finance.

In a strongly worded opinion article for the Financial Times, Osborne, who currently serves as an advisor to the cryptocurrency exchange Coinbase, expressed concern that the UK has already missed the first major wave of the crypto boom — and risks doing the same with the emerging surge in stablecoins. His remarks reflect a growing frustration among industry leaders and financial strategists over Britain’s cautious stance toward digital assets.

“What I see makes me anxious. Far from being an early adopter, we have allowed ourselves to be left behind,” Osborne wrote. He pointed out that while the United States had once been sceptical of cryptocurrency, it has since embraced it more aggressively, especially under the Trump administration. This allowed the US to take a leading role, particularly with the introduction of regulatory frameworks like the Genius Act — a key legislative development that now governs the use and oversight of stablecoins, the majority of which are backed by the US dollar.

Unlike Bitcoin, stablecoins are digital currencies pegged to fiat currencies such as the dollar, allowing them to maintain a consistent value. Despite the volatility and collapse of high-profile stablecoins such as TerraUSD in 2022, Osborne argues that proper regulation could allow them to play a pivotal role in future financial systems.

He warned that while regions such as Singapore, Hong Kong, and Abu Dhabi have proactively introduced comprehensive legal structures for crypto platforms, the UK has hesitated. “If Britain was the only financial centre in the world, we could take our time… but we are not,” he asserted.

Osborne was particularly critical of the UK government’s failure to make crypto investments more accessible to the general public. US investors can already purchase Bitcoin exchange-traded funds (ETFs), which function like stocks on regulated exchanges — a privilege still not extended to UK retail investors.

Pointing to the current Chancellor Rachel Reeves, Osborne said that while there have been recent pledges to “drive forward” on stablecoin adoption, the government’s actions have been insufficient. The Bank of England has also shown scepticism, with Governor Andrew Bailey recently calling for rigorous standards to ensure that stablecoins meet the “singleness of money” test — the ability to exchange one-for-one with traditional currency.

“This hesitation risks irrelevance,” Osborne wrote, emphasizing that unless decisive steps are taken soon, the UK may find itself excluded from the financial innovations of the future. He concluded with a call for Britain to “catch up” before it loses its foothold as a global financial leader.

The article also references other prominent figures from the 2010–2015 Conservative-led coalition era who now advocate for crypto development — notably former Chancellor Philip Hammond, who currently chairs the crypto infrastructure company Copper.