The new leader of the worlds sixth-largest economy is the former chancellor of the exchequer and is said to be richer than King Charles. He is also a firm crypto supporter. 2889 Total views 76 Total shares Listen to article 0:00 News Rishi Sunak is set to become prime minister of the United Kingdom within days. Sunak was defeated for the top government post by Liz Truss on Sept. 5, but she resigned after 45 days in office. Indications so far are that his selection for the office is good news for the crypto industry.
Sunak was chancellor of the exchequer, or head of the treasury, from early 2020 to July 5, when he resigned during a scandal that shook Boris Johnsons government. During that time, Sunak repeatedly voiced his support for crypto. Speaking in April about proposed regulatory reform related to stablecoins, Sunak said:Its my ambition to make the U.K. a global hub for crypto-asset technology, and the measures weve outlined [] will help to ensure firms can invest, innovate and scale up in this country. This is part of our plan to ensure the U.K. financial services industry is always at the forefront of technology and innovation.
Sunak has also spoken positively of central bank digital currency. In April, he commissioned the Royal Mint to issue a nonfungible token (NFT) by the end of the year as an emblem of the forward-looking approach the UK is determined to take.
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He also oversaw the drafting of the Financial Services and Markets Bill, which is now making its way through Parliament and promises to provide a regulatory framework for stablecoins and crypto assets.
FLASHBACK: Rishi Sunak’s view on centralized crypto currency and how G7 nations should use it
pic.twitter.com/2aSdPKFvXz The Post Millennial (@TPostMillennial) October 24, 2022
Sunak has made history for several reasons. At 42, he is the youngest prime minister in modern U.K. history. David Cameron and Tony Blair were 43 when they assumed office. Sunak and his wife have a combined fortune worth 730 million pounds ($824 million), making him the richestBritish prime minister to take office. #Cryptocurrencies #United Kingdom #Digital Asset #Stablecoin #Regulation Related News How to store Bitcoin on MetaMask Ethereum’s Merge won’t stop its price from sinking New crypto accounting guidelines could smooth the way for adoption UK Law Commission to review international laws on crypto to consider legal reforms UK Law Commission expects ‘substantial impact’ from digital asset law review
