In an effort to bolster its global expansion efforts, Coinbase has enlisted the help of George Osborne, a prominent figure in British politics and finance. Osborne, known for his tenure as UK Chancellor of the Exchequer from 2010 to 2016 and his contributions to the country’s economic and financial policies, joins Dr. Mark T. Esper, former US Secretary of Defense, and former Senator Patrick Toomey on the council.
Osborne has historically shown a positive attitude towards cryptocurrencies and blockchain technology. Over the years, he has made several statements that demonstrate his belief in their transformative potential.
As reported by Coinbase, the company has made remarkable progress in global expansion. It has obtained operating licenses in several countries including France, Spain, Singapore and Bermuda. Coinbase has expanded its reach to 20 African countries, easing millions of users’ access to USDC and enabling faster, more cost-effective transactions. Osborne’s extensive experience in government, international finance and fintech investments is expected to be invaluable in this phase of growth.
Coinbase’s Chief Policy Officer, Faryar Shirzad, highlighted Osborne’s diverse business, journalism and government expertise as key to the company’s future efforts. “George brings a wealth of experience… We look forward to relying on his insights and experiences as we grow Coinbase around the world,” said Shirzad.
Commenting on his appointment, Osborne said:
“There is a huge amount of exciting innovation happening in the financial sector at the moment. Blockchains are transforming financial markets and online transactions. Coinbase is at the forefront of these developments.
I look forward to working with the team there as they build a new future in financial services.”
George Osborne and crypto.
In 2014, Osborne announced that the UK government would investigate the role of virtual currencies such as Bitcoin and how they could help the UK become a leader in the digital economy. In 2015, Osborne expressed his belief in the potential of digital currencies, stating that they could play an important role in the financial world. He emphasized his desire for London to become a global leader in FinTech and digital currencies.
Furthermore, Osborne’s venture capital firm, 9Yards Capital, has also invested in crypto. The company reportedly made significant profits after investing in Internet Computer (ICP).
Given Coinbase’s recent campaign to “rebuild” the system, Osborne is an interesting choice. In 2008, Osborne warned of a possible collapse of the fiat system in Britain.
“If the government is not careful, we are in danger of a real collapse, a run on the pound…
The more you borrow as a government, the more you have to sell those debts and the less attractive your currency appears.”
When Osborne made this statement, Britain’s national debt was £530 billion; by the time he left office this had risen to £1.6 trillion. It is currently estimated that this amounts to around £2.7 trillion and around 102% of GDP.
This first-hand experience with rising government debt may put Osborne in a unique position to understand the benefits of digital currencies like Bitcoin. Between 2010 and 2016, around £500 billion was printed and added to the UK’s M1 money supply during his time as Chancellor.
Britain failed to achieve Osborne’s 2015 vision of becoming a digital asset hub. Navigating the ever-increasing hurdles and limitations of crypto trading regulations in the country will likely be one of Osborne’s key challenges in advising Coinbase going forward.