Former chancellor Philip Hammond has presented the world with his reservations on the treatment of cryptocurrencies in the UK and the imminent risk that it proposes to the financial sector in Great Britain. Philip has recently joined the London-based crypto custodian known as Copper as a senior advisor and analyst. With a recent interview conducted by the block, Philip Hammond said that it is a great opportunity for the UK if the country could avail it to amass as many cryptocurrencies as it can because in the near future, their original investment plus a solid return will be in effect because of the exponential growth of the crypto sector.
Phillip was a former chancellor of the exchequer and has been provided with his services there for many insightful years. He sees cryptocurrencies and the treatment which the UK is serving to this sector as a hit and miss. He says that if the UK continues to be on the path that the country is currently on, then the whole idea of decentralization will be lost on the nation. Not only the country will fall behind in terms of embracing digital assets, but it could also propose severe financial troubles in the future.
UK Regulators And Digital Assets
Philip Hammond believes that all the UK regulators at the moment are talking about cryptocurrencies, what they are, what they do, and the whole prediction thing is going on. This methodology needs to stop; instead of just talking about digital currencies and how they could be a very elementary transition to our financial sector, regulators need to implement a legal framework that allows crypto firms and industry in general to see huge waves of growth.
The UK is not only falling behind in this crusade but is actually not bothering itself to do some work on it. As for the regulators in other countries such as Germany, Switzerland, Singapore, Canada, and the United States, they are already developing individual legal frameworks to work with cryptocurrencies and adopt them as neatly as they can into their centralized version of finance.