The United Kingdom has definitely been in the political news in recent weeks. After the death of the Queen, the country faces significant political turbulence. A new Prime Minister will arrive at the famous 10 Downing Street: Rishi Sunak. Little known across the Channel, Rishi Sunak is highly appreciated by the cryptosphere.
Rishi Sunak, the new British Prime Minister
45 days… Now Former Premier Minister Liz Truss only lasted 45 days in office. His resignation was formalized on Thursday October 20, 2022 in a press release. Liz Truss will not have been able to convince and her tax reform in order to stimulate the economy of the Kingdom will have sounded the death knell for her. Since his resignation, everyone wonders who will be his successor.
Since Monday, October 24, we now know the successor to Liz Truss. It is Rishi Sunak. This means nothing to you ? Unless you are closely interested in politics with our English neighbours, there is indeed little chance that you will know him. But his name is not unknown to people who follow and support the field of cryptocurrency. Why ? In his previous functions, Rishi Sunak distinguished himself by his positions pro-crypto.
Cryptocurrencies are very volatile. No consumer protection.
Rishi Sunak wants to make the UK a ‘crypto hub’
Rishi Sunak is not new to politics. In fact, he was Finance Minister under former Prime Minister Boris Johnson. A former Minister of Finance who comes to power, that brings to mind things in France, doesn’t it? But the most interesting thing to note is elsewhere! In fact, when he was Minister of Finance, Rishi Sunak has spoken out several times in favor of cryptocurrencies. In particular, Rishi Sunak has highlighted his desire to make the United Kingdom a “crypto hub”!
“My ambition is to make the UK a global hub for cryptocurrency technology, and the measures we have outlined today will help ensure businesses can invest, innovate and grow 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 for the long term. (…) This is part of our plan to ensure that the UK financial services industry is always at the forefront of technology and innovation. » Press release from Rishi Sunak of April 4, 2022 (he was then Minister of Finance)
Among the measures mentioned in the press release of April 4, 2022we find in particular the fact of recognize stablecoins as “a means of payment”. It is of course far too early to know to what extent Rishi Sunak will pursue his pro-crypto policy. However, having a crypto-friendly personality at 10 Downing Street is a good signal sent to the cryptosphere.
