Rishi Sunak Becomes UK Prime Minister – He Wants to Make Britain a Global Cryptocurrency Investment Hub

Britain’s former Chancellor of the Exchequer Rishi Sunak has become the country’s new prime minister, succeeding Liz Truss who resign after 44 days in office. The leader of the Conservative Party previously said: “It’s my ambition to make the U.K. a global hub for cryptoasset technology.”

Rishi Sunak Inaugurated as Prime Minister of the United Kingdom

Rishi Sunak, who served as Britain’s chancellor of the exchequer from 2020 to 2022 and chief secretary to the Treasury from 2019 to 2022, has become the prime minister of the U.K. He succeeded Liz Truss, who resigned after 44 days in office as prime minister.

Sunak formally accepted his new role from King Charles during a meeting at Buckingham Palace on Monday after winning the Conservative Party leadership.

Many have called Sunak a crypto advocate for his efforts to make Britain a “global hub for crypto technology and investment,” according to a UK government announcement. in April. He said at the time:

My ambition is to make the UK a global hub for crypto technology and the measures we’re introducing today will help ensure companies can invest, innovate and scale. scale in this country.

The UK government also confirmed that it will “deem stablecoins recognized as a valid form of payment as part of broader plans to make the UK a global hub for technology and investment.” electronic money”. Furthermore, the government noted that it “will explore ways to enhance the competitiveness of the UK tax system to encourage further development of the UK crypto market”. Sunak also authorized the Royal Mint to create a non-fungible token (NFT).

We want to see the businesses of tomorrow – and the jobs they create – in the UK, and by regulating effectively we can give them the confidence they need to think and invest for the long term,” emphasized Sunak. “This is part of our plan to ensure the UK financial services industry stays at the forefront of technology and innovation.”

Sunak also said in January:

Cryptoassets can present exciting new opportunities, giving people new ways to trade and invest – but it is important that consumers are not sold products with misleading claims. We are ensuring consumers are protected, while supporting the innovation of the crypto market.

However, the new prime minister is also a central bank-backed digital currency (CBDC), which has raised concerns among some crypto advocates. Last October, he explained how CBDCs can benefit businesses and consumers when the G7 released a report on the topic. Sunak also set up a task force to lead the UK’s work on central bank digital currencies.

Read more: British MP Lisa Cameron on Bitcoin and UK becoming international crypto hub

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