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On this week’s episode of The Crypto Mile, our host Brian McGleenon spoke to former UK Chancellor of the Exchequer Philip Hammond about CBDCs, stablecoins and crypto’s place in global finance.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.As the crypto sector faces increasing scrutiny from policymakers and regulators, the UK government is working to regulate it through amendments to the Financial Services and Markets Bill.Hammond believes that London needs to establish itself as the premier trading venue for digitized assets, to ensure the future of Britain’s financial services industry post-Brexit.The former Chancellor of the Exchequer argues that London, now outside the EU, is in danger of losing its leading position as a hub of financial services and technology, and the City needs to articulate a new narrative.Hammond believes that this new narrative centers around web3 innovation, the digitizationof traditional markets and cryptocurrency trading.
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