London’s Role as a Financial Hub is Secure if UK Adopts Cryptocurrencies

Cryptocurrencies are changing the global financial system, and it is expected to grow bigger over the coming years. Governments around the world are now trying to regulate the crypto space and ensure that innovation continues to thrive.

The UK Needs to Adopt Cryptocurrencies

Philip Hammond, a British politician who served as Chancellor of the Exchequer from 2016 to 2019, has pointed out that the UK needs to adopt cryptocurrencies. According to Hammond, digital assets could ease the post-Brexit financial disruption and ensure that London remains a global financial hub.

For decades, London has been the financial hub of Europe. It is home to some of the leading financial companies in the region, including Revolut, Wise and several others. However, the UK is going through a financial disruption following the Brexit saga.

In a recent interview with City A.M., a former member of the Conservative Party said the UK needs to move fast and adopt cryptocurrencies. “I personally think the momentum is now unstoppable. We need to move quickly and effectively to secure London’s position,” he added.

Hammond argued that the UK adopting cryptocurrencies would ensure that London remains a global financial hub as Bitcoin and the altcoins will become increasingly employed on a macroeconomic level.

He argued that ignoring cryptocurrencies and other digital assets is not wise since numerous European nations have begun embracing them. Hammond said the competitors now see cryptocurrencies as an avenue to overtake the UK in the financial space.

The BOE is Not a Crypto Fan

The Bank of England, like most central banks around the world, has shown that they are not a big fan of cryptocurrencies. Last month, BOE governor Andrew Bailey said that the rise of crypto assets was helping illegal activity.

Bailey also cast doubt on stablecoins, stating that he doesn’t believe they can evolve into a form of safe, regulated money. Regardless, cryptocurrencies continue to gain adoption, and their use cases will grow bigger.