As the UK’s finance minister, Rishi Sunak was a prominent supporter of cryptocurrency. Now the crypto enthusiast is the country’s next prime minister. The news comes shortly after Liz Truss resigned from the position after only 44 days in office. Truss resigned after her economic stimulus plan caused economic and political uncertainty.
The Conservative Party chose Sunak to lead the country, after which, Innovate Finance policy director Adam Jackson stated that Sunak is a “champion of fintech. As finance minister, Sunak indicated his desire to make the UK a global center for crypto. He was instrumental in ushering in the Financial Services and Markets Bill, which will allow for cryptocurrency to be subject to local regulations if it passes.”
Sunak also tasked the Royal Mint with developing an NFT collection, though the collection has yet to be developed.
While Truss was acting as Prime Minister, the UK government announced it was dedicated to realizing Sunak’s cryptocurrency ambitions. Sunak has been in contact with the local crypto industry during his time as finance minister, and it’s likely the crypto community is excited to welcome him as the country’s new leader.
CryptoUK director Ian Taylor told Coindesk concerning Sunak being made Prime Minister, “It’s a positive for crypto and the general economy.”
What’s the Deal with Crypto?
Cryptocurrencies continue to intrigue consumers worldwide despite recent dips in the market. As of April, one-fifth of Brits owned some sort of cryptocurrency, according to a survey by the Gemini Trading platform. In August, Gucci announced it will now accept Board Ape Yacht Club’s cryptocurrency, while popular candy M&Ms has requested NFT and cryptocurrency trademarks. Formula One also filed for trademarks for crypto and NFTs.
Of course, the crypto industry still has its problems. Over the summer, crypto lender, Hodlnaut paused all withdrawals blaming the volatile market while crypto hackers took down the British Army’s Twitter and YouTube accounts.