On this week's episode of The Crypto Mile, I spoke to former UK Chancellor of the Exchequer Philip Hammond about CBDCs, stablecoins and crypto's place in global finance.
"The crypto market is here to stay, and it is not really for regulators or others to say this asset or that asset has no value, an asset has value if someone is prepared to pay for it.
"But, if there is a marketplace to be made then it needs to be properly regulated, and I am quite comfortable for an institutional market for cryptocurrency assets", Hammond said.
He added that the sector is not just being populated by peripheral players, but is currently "being colonised by the institutions and most of the big banks globally are investing in developing their own digital capabilities".
During his tenure as the UK's economic minister, Hammond was seen as a conservative who focused on fiscal discipline rather than innovation.
However he has now made a surprising venture into the world of cryptocurrencies, web3 innovations and digital asset infrastructure.
Hammond's entry into the digital asset realm came when in late 2021 he became senior advisor at Copper, a City of London-based crypto custody firm.
Then, at the beginning of 2023, he was appointed Chair of Copper, and despite market fluctuations, Copper has transitioned to become a leading provider of institutional digital asset custody and trading solutions.
Copper.co #cryptocurrency #crypto #cryptonews #bitcoin #innovation #digital #finance #trading #london #infrastructure #ethereum #investing #banks #stablecoins
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