Odaily Planet Daily reported that former British Chancellor of the Exchequer George Osborne has launched a scathing attack on the Labour government's approach to cryptocurrencies, warning that the UK risks missing out on a "major financial reform" similar to the "1980s" and falling behind the trend. Osborne, who is now a member of the global advisory board of the US cryptocurrency exchange Coinbase, said that Chancellor of the Exchequer Reeves and Bank of England Governor Bailey are keeping the UK in the slow lane. Osborne said: "Rachel Reeves is right, we have all become too risk-averse. The reason we became the world's financial center is that we are not afraid of change." "In cryptocurrencies and stablecoins, as in so many other things, the harsh truth is: we are completely left behind. It's time to catch up." Osborne said that accusing regulators of being overly cautious was a "lacking excuse" and that Reeves should follow the example of the US Congress and establish a legal framework for encryption. He warned that the United States, the European Union, Singapore and Abu Dhabi are all rushing to get ahead of the UK. (Financial Times)