The final candidates for the next post of British Prime Minister have made pro-crypto remarks in the past. Rishi Sunak, the former Chancellor of the Exchequer, and Liz Truss, the Secretary of State for Foreign, Commonwealth and Development, are the latest candidates for the post of British Prime Minister, and their election could transform the regulatory framework cryptography in the United States. Kingdom.
The UK’s Next Prime Minister Could Be Pro-Crypto
The current British Prime Minister, Boris Johnson, is expected to step down as soon as a new leader is elected. Sunak and Truss are vying for this leadership position in the UK, and if either is elected, it could mean a change for the regulatory climate for crypto in the UK.
When Sunak was Chancellor of the Exchequer, he urged the UK’s Royal Mint to develop a non-fungible token (NFT). The NFT is said to be part of the country’s plan to transform itself into a global crypto hub.
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Sunak served as Chancellor of the Exchequer from 2020 and resigned last month. In the past, he has pointed out that the UK needs to pay more attention to fintech, including stablecoins and central bank digital currencies (CBDCs). He also advocated for the adoption of private cryptocurrencies.
On the other hand, Truss advocated for an anti-regulatory framework for the crypto sector to allow the UK to embrace crypto technology. When she was Secretary of State for International Trade, she unveiled a digital trade network to support fintech companies and the digitalization and resilience of export markets.
Crypto Regulations in the UK
During Johnson’s tenure, several bills were introduced targeting cryptocurrency regulation. However, despite his resignation, British policy decisions continue to move forward. The current Chancellor of the Exchequer, Nadhim Zahawi, tabled the Financial Services and Markets Bill on July 20. The bill involves a regulatory framework for stablecoins.
Additionally, the House of Commons Treasury Committee has launched a survey to allow residents of the United Kingdom to give their views on the role of cryptocurrencies in the country.
The Conservative Party will hold an election to choose between Sunak and Truss as the next prime minister by September 5. After that, Johnson will officially step down. Earlier this week, Sunak and Truss engaged in a public debate where they discussed what they would do if they took over the prime minister’s office.
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