Rishi Sunak’s openness to several cryptocurrencies is a significant boon for Bitcoin in the UK — The appointment of Rishi Sunak as Prime Minister could be a fresh opportunity to set favourable regulatory conditions to promote the UK as a world-leading crypto-hub.
Rishi Sunak is the next Prime Minister of the United Kingdom, making him the country’s third leader in as many months. The new head of the Conservative Party is intriguing to consider from a crypto point of view. Stablecoin integration into the UK’s financial system was one of Sunak’s most notable achievements as finance minister, which he accomplished earlier this year by introducing the Financial Services and Markets Bill. At that time, he stated that –
‘It’s my ambition to make the UK a global hub for crypto-asset technology’. Moreover, in April, Sunak asked the Royal Mint to work on a UK-backed non-fungible token (NFT), with plans to issue the token by summer.Rishi Sunak
FLASHBACK:The UK’s new Prime Minister Rishi Sunak is “bullish on crypto”!
We’re working to make the UK a global cryptoassets hub. We want to see the businesses of tomorrow, and the jobs they create, here in the UK.— Rishi Sunak (@RishiSunak) April 4, 2022
Today @JohnGlenUK set out how we are going to encourage crypto investment and technology in UK markets. 👇https://t.co/MdZ5IOLZtH
The announcement was part of an effort to make the UK a ‘crypto hub,’ with crypto-friendly officials at the treasury and in parliament helping to push the agenda, said CoinJournal financial expert Dan Ashmore.
Rishi Sunak is the UK’s new Prime Minister— Dan Ashmore (@DanniiAshmore) October 24, 2022
When Lizz Truss resigned on Thursday, I wrote the below piece analysing the damage her 44-day reign has caused the UK economy
Pound freefalling, bonds imploding, pensions going bananas & more
A UK deep dive🇬🇧https://t.co/9wPtnywfEt
The UK’s official coin manufacturer, the Royal Mint, recently reaffirmed that the plans for a government-backed NFT are still in place, Ashmore emphasised. From a regulatory standpoint at least, Sunak’s appointment as PM, who has an experience in banking, signals a boost for cryptocurrencies in the UK,” he added.
Bitcoin’s price increased significantly and crept above £17,800. Following Sunak’s appointment, the market could be beginning to ease up after a week of sidestepping at below £17k. Despite this, Ashmore emphasised that Sunak seemed to have a huge task ahead of him in terms of reviving the UK economy.
It is difficult to envision any serious action being done in the cryptocurrency field after predecessor Lizz Truss’ infamous – and unexpected – mini-budget drove the country to its knees. The whole bitcoin business does, however, benefit from having a pro-crypto government leader, he added, “while it continues to strive for legitimacy and acceptability on the mainstream, regulated arena.”
- Nevertheless — Lots of bullish news, @RishiSunak all for crypto and if @elonmusk seals the deal for Twitter on Friday that is also very bullish for crypto…