Philip Hammond, former UK Treasury Secretary argued that cryptocurrencies could give the UK a unique edge over European competitors after Brexit.
In a recent interview, he said that the UK government needs to think about using cryptocurrencies to improve the country’s financial situation.
He believes that bitcoin and crypto will be increasingly used at the macroeconomic level.
“I myself believe the momentum is now unstoppable, We should move fastly and efficiently to secure London’s position.”
Hammond stressed that it is unwise to ignore cryptocurrencies since many European countries have already begun to actively use them. He noted that Gibraltar has developed a regulatory framework that has made it possible for the country to attract companies working in the field of cryptocurrencies. For example, the Chinese exchange Huobi recently announced that it plans to move spot trading to Gibraltar.
According to Hammond, blockchain will be the backbone of the futures trading system. However, the UK authorities are neglecting the regulation of the cryptocurrency sector.
“The UK regulators are very distracted. We need to act quickly to show that blockchain is recognized and accepted by the UK. “
Hammond joined Digital asset company custodian Copper, as a senior advisor last month, the firm brings the worlds of traditional and decentralized finance together, a collision that Hammond believes is inevitable.
“Most institutions know that whether we like it or don’t like it – it is going to happen, It’s not something anybody running a major business in financial services can hide from.”