Rishi Sunak succeeds Liz Truss to become the next British Prime Minister. The crypto community celebrates Sunak’s pro-crypto stand while serving as the Chancellor in the Boris Johnson government.
On Monday, October 24, pro-crypto candidate Rishi Sunak won the race to become the next Prime Minister of the UK. This happened as Boris Johnson and House of Commons leader Penny Mordaunt withdrew from the race.
Sunak’s appointment to the office comes within just 7 weeks of Liz Truss becoming the UK PM. The crypto community has been cheering at this since Rishi Sunak has been known for taking a pro-crypto stand while serving as a chancellor.
Soon after his appointment, Sunak promised “integrity, professionalism, and accountability at every level of the government I lead”. Sunak’s appointment also comes after a filed set of financial policies implemented by his predecessor. It’s up to him to fix UK’s broken economy. In a tweet earlier on Sunday, Sunak said:
“The United Kingdom is a great country but we face a profound economic crisis. That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister. I want to fix our economy, unite our Party and deliver for our country.”
Will Sunak Be a Better Pro-Crypto PM?
As said, Rishi Sunak was quite positive about the state of digital assets while working as a Chancellor in the Boris Johnson government. Earlier this year in April 2022, Rishi Sunak spoke about making the UK a hub for crypto assets technology.
“It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country. We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term,” he said.
If Sunak sticks to his words, we can see more crypto companies setting up their base in the UK. Rishi Sunak also spoke about several steps they would initiate to bring crypto under the country’s regulatory body the FCA.
Interestingly, the former Chancellor had proposed issuing an NFT while working with Royal Mint – the govt.-owned agency responsible for minting coins in the UK. It will be interesting to see how UK’s crypto policy shapes up under the Rishi Sunak administration.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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