UK’s New Prime Minister Advocated for Pro-Crypto Regulations

The United Kingdom finally has a new Prime Minister of the United Kingdom in the face of Liz Truss, who spoke positively about the cryptocurrency industry several years ago.

To become the UK’s next PM, Truss was chosen over Rishi Sunak (Chancellor of the Exchequer from 2020 to 2022), who also favors digital assets. Earlier this year, he opined that Britain will thrive economically if it becomes a global crypto hub.

  • It is safe to say that the political environment in the United Kingdom has been highly unstable in the past few years. The withdrawal from the European Union (known as “Brexit”) combined with the start of the COVID-19 pandemic caused financial turbulence that continues to reign nowadays.
  • Despite the strict anti-social rules announced by the government, former Prime Minister Boris Johnson was caught organizing parties and dancing with his colleagues on numerous occasions, and so his clash with society began.
  • Shortly after, he was targeted by the opposition, who claimed that the anti-inflationary measures which his administration enforced were inappropriate. Key members of his cabinet started resigning, while finally, in July 2022, Johnson stepped down as the country’s leader.
  • The main battle who to be in charge of the UK was between Rishi Sunak (former Chancellor of the Exchequer and Johnson’s right hand) and Liz Truss (a member of the Conservative Party). The latter won with 81,326 votes to 60,399, becoming the next PM.
  • What’s interesting is that she seems to be a cryptocurrency proponent. In 2018, she advocated for removing regulations that halt the advancement of the industry.
  • As of the moment, it remains unclear how her administration will tackle major issues, such as the record inflation in the Kingdom, and whether it will focus on developing the digital asset sector.

Featured Image Courtesy of Nikkei Asia

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