While some countries are working on regulation about cryptocurrencies, former British Finance Minister Philip Hammond pointed out that countries should take cryptocurrencies seriously.
In an interview with local news channel City AM, Hammond said that other European countries could overtake the UK if the country does not take cryptocurrencies, which are the focus of investor attention, with rapid adoption.
Stating that there is a need for regulation and clarity regarding digital assets, Hammond stated that the UK should act quickly and effectively in this regard.
“I personally think that the uptrend in cryptocurrencies is unstoppable. London needs to act quickly and effectively to secure its position.”
Hammond, a former member of the conservative party, underlined that if the UK acts quickly on cryptocurrencies, it will have a great advantage over other European countries, and said, “If we don’t watch carefully, we will see some amazing people ahead.”
Philip Hammond stated that he believes most institutional firms will eventually adopt cryptocurrencies, whether they are cryptocurrency friendly or not.
“Most organizations know this will happen whether we like it or not. It’s not something anyone who runs a big business in financial services can hide.”
Contrary to the crypto-friendly approach of former Finance Minister Philip Hammond, the Bank of England always expresses its negative stance towards Bitcoin and cryptocurrencies.
*Not investment advice.