George Osborne: Digital Currencies Could ‘Play Big Part’ in Finance

Yessi Bello Perez
Nov 11, 2015 at 14:30 UTC
Updated Nov 11, 2015 at 21:29 UTC

George Osborne, the UK’s Chancellor of the Exchequer, has issued new remarks about digital currencies.

Speaking at the Bank of England’s Open Forum conference earlier this morning, Osborne re-emphasised his desire for London to be a world leader in both FinTech and digital currencies.

According to Bloomberg, Osborne commented on the potential of the “once dismissed” alternative currencies, saying:

“[Digital currencies] may now well play a big part in our financial future.”

During his opening remarks, the Chancellor also touched upon the topic of innovation, noting that the UK was committed to ensuring that regulation is not too burdensome.

This is not the first time that the Chancellor of the Exchequer has spoken about digital currencies in public.

In August last year, Osborne announced a new scheme that set out to assess the potential role of cryptocurrencies in Britain’s economy, commissioning the UK Treasury to produce a programme relating to cryptocurrencies to weigh both the technology’s benefits and risks.

The Chancellor also made headlines last year, after he withdrew £20 worth of bitcoin from an ATM at the London offices of FinTech accelerator Level 39, which is home to Swiss investment bank UBS’ blockchain research lab.

George Osborne image via Flickr