{"id":239095,"date":"2024-01-31T21:01:06","date_gmt":"2024-01-31T15:31:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=239095"},"modified":"2024-01-31T21:01:06","modified_gmt":"2024-01-31T15:31:06","slug":"coinbase-taps-former-uk-treasurer-who-warned-of-run-on-pound-in-2008-for-advisory-council-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/coinbase-taps-former-uk-treasurer-who-warned-of-run-on-pound-in-2008-for-advisory-council-crypto-news\/","title":{"rendered":"Coinbase taps former UK Treasurer who warned of \u2018run on pound\u2019 in 2008 for Advisory Council – Crypto News"},"content":{"rendered":"
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In a move to bolster its global expansion efforts, Coinbase has enlisted George Osborne, a prominent figure in U.K. politics and finance. Osborne, known for his tenure as the U.K.\u2019s Chancellor of the Exchequer (Treasury) from 2010 to 2016 and his contributions to the country\u2019s economic and financial policies, joins Dr. Mark T. Esper, former U.S. Secretary of Defense, and former Senator Patrick Toomey on the council.<\/p>\n

Osborne has historically shown a positive stance toward cryptocurrencies and blockchain technology. Over the years, he has made several statements indicating his belief in their transformative potential.<\/p>\n

As reported by Coinbase, the company has made notable strides in global expansion. It has secured operational licenses<\/a> in various countries, including France, Spain, Singapore, and Bermuda. Coinbase has expanded its reach across 20 African nations, facilitating millions of users\u2019 access to USDC and enabling faster, more cost-effective transactions. Osborne\u2019s extensive experience in government, international finance, and fintech investing is expected to be invaluable in this growth phase.<\/p>\n

Coinbase\u2019s Chief Policy Officer, Faryar Shirzad, highlighted Osborne\u2019s diverse business, journalism, and government expertise as key to the company\u2019s future endeavors. \u201cGeorge brings with him a wealth of experience\u2026 We look forward to relying on his insights and experiences as we grow Coinbase around the world,\u201d said Shirzad.<\/p>\n

Commenting on his appointment, Osborne said,<\/p>\n

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\u201cThere\u2019s a huge amount of exciting innovation in finance right now. Blockchains are transforming financial markets and online transactions. Coinbase is at the frontier of these developments.<\/p>\n

I look forward to working with the team there as they build a new future in financial services.\u201d<\/p>\n<\/blockquote>\n

George Osborne and crypto.<\/h2>\n

In 2014, Osborne announced that the U.K. government would explore the role of virtual currencies like Bitcoin and how they could help the UK become a leader in the digital economy. By 2015, Osborne expressed his belief in the potential of digital currencies, stating that they could play a significant role in finance. He emphasized his desire for London to be a world leader in FinTech and digital currencies.<\/a><\/p>\n

Further, Osborne\u2019s venture capital firm, 9Yards Capital, has also invested in crypto. The firm reportedly made significant gains<\/a> after investing in Internet Computer (ICP.)<\/p>\n

Given Coinbase\u2019s recent campaign to \u201crebuild\u2019 the system, Osborne is an interesting choice. In 2008, Osborne warned of a potential collapse of the fiat system<\/a> in the United Kingdom,<\/p>\n

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\u201cWe are in danger, if the government is not careful, of having a proper sterling collapse, a run on the pound\u2026<\/p>\n

The more you borrow as a government the more you have to sell that debt and the less attractive your currency seems.\u201d<\/p>\n<\/blockquote>\n

When Osborne made this statement, the U.K.\u2019s national debt was \u00a3530 billion; by the time he left office, it had risen to \u00a31.6 trillion. It is estimated to be around \u00a32.7 trillion<\/a>\u00a0and approximately 102% of GDP<\/a> today.<\/p>\n

This first-hand experience with spiraling national debt may uniquely position Osborne to understand the benefits of digital currencies such as Bitcoin. Between 2010 and 2016, around \u00a3500 billion was printed and added to the U.K. M1 money supply during his time as chancellor.<\/p>\n

The U.K. failed to achieve Osborne\u2019s 2015 vision<\/a> of becoming a digital asset hub. Navigating the ever-increasing regulatory hurdles<\/a> and limitations to crypto trading in the country will likely be one of Osborne\u2019s most significant challenges in advising Coinbase in the future.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In a move to bolster its global expansion efforts, Coinbase has enlisted George Osborne, a prominent figure in U.K. politics and finance. Osborne, known for his tenure as the U.K.\u2019s Chancellor of the Exchequer (Treasury) from 2010 to 2016 and his contributions to the country\u2019s economic and financial policies, joins Dr. Mark T. Esper, former […]<\/p>\n","protected":false},"author":2,"featured_media":239096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-239095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/239095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=239095"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/239095\/revisions"}],"predecessor-version":[{"id":239098,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/239095\/revisions\/239098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/239096"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=239095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=239095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=239095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}