How Britain’s Latest Prime Minister Is Good for Crypto
After a cross-party duel, Liz Truss is now Britain’s last Prime Minister. Apparently, Truss is crypto-friendly, but it’s unclear exactly how friendly…
Covered:
- Britain elects new prime minister; Crypto regulation is coming
- What this means for crypto in the UK and the world
Britain elects new prime minister; Crypto regulation is coming
Liz Truss defeated Rishi Sunak to become leader of the Conservative Party. She replaces Boris Johnson, who left the post after a series of scandals shattered the party’s confidence.
Truss’ reign as Prime Minister will be official when Boris Johnson formally tenders his resignation to Queen Elizabeth II.his hologram.
Truss had previously commented on crypto way back in 2018. “We should welcome #cryptocurrencies in a way that does not limit their potential,” she tweeted while working as principal secretary of the finance ministry. In 2020, she also said the UK could “create huge opportunities in areas like blockchain.”
Although she was bullish when it was uncool to be so again, her opponent has made recent overtures to crypto stalwarts. Former finance minister Sunak announced earlier this year that he intends to make the UK a crypto hub.
“The measures we have outlined today,” Sunak said, referring to a set of initiatives put forward by the government, “will help ensure that firms can invest, innovate and scale up in this country.” Sunak’s comments came while serving as finance minister.
What this means for crypto in the UK and the world
It’s unclear where this leaves crypto in the UK – considering Truss hasn’t really updated his view of the space in four years – but overall it’s 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 problems.
But the country has made significant progress this year with the “making friends” variety. Example: the aforementioned proposal from Sunak. In addition, Binance has been invited to be part of the UK’s Innovate Finance program as a scale-up innovator.
All in all, it doesn’t seem to matter that much that Truss hasn’t made any new overtures to crypto faithful. The UK leadership, as currently constructed, at least, appears to be focused on making crypto a key part of its pitch for a future-focused and economically viable England.
It should also be noted that, despite not being the imperial power it once was, Great Britain remains a major world power, eye to eye with the United States, another major country on the cusp of mass adoption…
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