The UK’s Ex-Chancellor Philip Hammond has stated that the UK needs to assert itself as a leader in digital assets in order to keep up with European financial services post-Brexit.
In an interview with City A.M, Lord Hammond emphasised the importance of supporting new technology, such as digital assets, as a way to maintain the UK in its position as a world financial services hub.
“I personally think the momentum is now unstoppable,” said Hammond. “We need to move quickly and effectively to secure London’s position.”
“If we don’t watch carefully we will find some surprising people are ahead of us,” he cautioned, warning that European competitors see digital assets as an opportunity to overtake the UK as a world financial services hub.
Lord Hammond left his position as Chancellor of the Exchequer in 2019, recently joining crypto company Copper as a senior advisor. An announcement on Copper’s website read that in his new role Hammond will focus on promoting the UK as a Global leader in digital asset technology.
Lord Hammond also commented on his new role at Copper, noting:
“...the really exciting opportunity lies in the application of this technology to revolutionise the way financial services are delivered. If we can bring together the best of Britain – entrepreneurs, industry, government, and regulators – to create and enable a blockchain-based ecosystem for financial services, we will secure the UK’s global leadership in this field for decades ahead.
In Hammond’s recent interview he added that while he does not invest in cryptocurrency himself, he believes in the potential of the underlying technology, and sees blockchain and cryptocurrency as something inevitable:
“Most institutions know that whether we like it or don’t like it – it is going to happen,” said Hammond. “It’s not something anybody running a major business in financial services can hide from.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.