After Boris Johnson decided to step down as the Prime Minister, the race for a successor came down to two candidates – Liz Truss and Rishi Sunak. Truss won an internal party election and was appointed on the job, but less than two months in, she is already out of Downing Street. She will be replaced by Rishi Sunak, the former chancellor of the exchequer and largely seen as the more competent of the pair. Just like the United Kingdom is a place to offer some of the best live roulette sites, so is the appointment of Sunak, an important step forward for the cryptocurrency industry.
The newly appointed Prime Minister has a long-standing reputation for backing the cryptocurrency industry, which has often been welcomed by cryptocurrency companies and specialists. Sunak has mostly avoided the approach of many fellow lawmakers who have thought that delaying action is tantamount to prudence, and the man himself has initiated several industry-related initiatives himself. Sunak has offered praise to any official website that is part of the crypto industry that has been able to advance consumer understanding.
Beyond that, Sunak has also kickstarted several important projects. Firstly, he suggested that the United Kingdom will have to play an important role in the future of cryptocurrency and hailed the country’s potential to transform itself as a new cryptocurrency hub. This is a long process but one that has been shaping up, nevertheless.
With Sunak stepping at the helm, he will most likely seek to continue these efforts. Previously, Sunak helped push the Financial Services and Markets Bill, which is a piece of legislation hoping to ease the red tape surrounding regulation. Sunak also made a project which asked the Royal Mint to launch an NFT project.
Non-fungible tokens are usually limited-only collections of digital assets that can be owned by a fixed number of players, and they can be seen as celebratory stamps that are sometimes issued by the Post Officer or the banknotes. Only this time, they are digital. Sunak wanted to explore whether people will respond positively to the idea of digital assets issued by government bodies.
The Bank of England has been fairly skeptical of cryptocurrencies, but it has acknowledged their merits nevertheless. Presently, Sunak needs to focus on the economy as is, which means that he will probably seek to assuage some of the market qualms and put cryptocurrency second for the time being. International markets have responded positively to Sunak’s appointment, though, and the United Kingdom is most likely going to begin a quick recovery.
Will cryptocurrencies be a part of this recovery? Industry observers believe so. Sunak will definitely be a good friend to the crypto industry at the top level of government, but he alone won’t be able to enact sweeping changes. His priority will remain the energy grid and rising costs of living, which is normal.
Regardless, crypto is likely to make solid headway under Sunak’s rule. The prime minister definitely talked big about crypto as he served Boris Johnson as the chancellor of the exchequer. Now, he will have to measure and weigh his comments, but it’s unlikely for Sunak to change his mind on cryptocurrencies.
Turning the UK into a hub for the crypto industry could come with its own benefits. The Bank of England has been exploring the idea of creating a CBDC – a central bank digital currency – for a while now and already has a few projects in the works. The idea is to first proof a concept before any more significant advancements are made.
Sunak, who is an expert financier, unlike his former boss, is definitely going to be a positive change for the pecking order in the UK. His expertise in finance will probably make it possible for the crypto industry to get a firm foothold in the country, but even more importantly – to only do so following rigorous standards.
Image Credit: Фото автора Alesia Kozik (Source)
