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George Osborne: Digital Currencies Could 'Play Big Part' in Finance
George Osborne, the UK's Chancellor of the Exchequer, has issued new remarks about digital currencies.
Updated Sep 11, 2021, 11:59 a.m. Published Nov 11, 2015, 2:30 p.m.
George Osborne, the UK's Chancellor of the Exchequer, has issued new remarks about digital currencies.
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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."
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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
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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