After an interparty duel, Liz Truss is now the UK’s latest Prime Minister. Apparently, Truss is crypto-friendly, but it’s unclear exactly how friendly…
- UK Elects New Prime Minister; Crypto Regulation To Come
- What This Means For Crypto In The UK And The World
UK Elects New Prime Minister; Crypto Regulation To Come
Liz Truss defeated Rishi Sunak to become the leader of the conservative party. She replaces Boris Johnson, who vacated the position after a slew of scandals broke the party’s confidence.
Truss’ reign as PM will be official once Boris Johnson formally gives his resignation to Queen Elizabeth The II
Truss had previously made comments on crypto all the way back in 2018. “We should welcome #cryptocurrencies in a way that doesn’t constrain their potential,” she tweeted while working as the Chief Secretary to the Treasury. In 2020, she also said that the UK could, “create great opportunities in areas such as blockchain.”
Although, she was bullish back when it was uncool again to be so, her opponent has made more recent overtures to the crypto faithful. Former Finance Minister Sunak announced earlier this year that he intends to make the United Kingdom a crypto hub.
“The measures we’ve outlined today,” Sunak said referring to a set of initiatives set forth by the government, “will help to ensure firms can invest, innovate and scale up in this country.” Sunak’s comments came while serving as Chancellor of the Exchequer.
What This Means For Crypto In The UK And The World
It’s unclear where this leaves crypto in the United Kingdom — considering Truss hasn’t really updated her views on the space in four years — but it’s overall not as bleak as it once was.
The UK has had some serious run-ins with crypto exchanges for one. Not to mention, Binance has had its fair share of issues.
But, the country has made significant strides this year of the “making friends” variety. Case in point: the aforementioned proposal from Sunak. In addition, Binance has been invited to be a part of the UK’s Innovate Finance program as a scaleup innovator.
All in all, it doesn’t appear to matter all that much that Truss didn’t make any recent overtures to the crypto faithful. The UK leadership as its currently, constructed at least, appears focused on making crypto an important part of its pitch of a future-focused and economically viable England.
Also, it should be noted that, despite not being the imperial power it once was, the United Kingdom is still a major world power that sees eye to eye with the United States, another important country on the step to mass adoption…
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