Rishi Sunak has led plans to make the UK a global center for cryptocurrency.
The new prime minister of the United Kingdom could be a good sign for the country’s crypto skills. Rishi Sunak, who used to be Chancellor of the Exchequer, will take over for Liz Truss, who quit after only 45 days in office.
Sunak, the son of Indian immigrants, was chosen by other Conservative Party members on Monday. He will be the first person of color to lead the country. He will also be the youngest prime minister in more than 200 years, at 42 years old. Sunak made it clear that he was interested in cryptocurrencies and blockchain technology while he was in office under former Prime Minister Boris Johnson.
He has led efforts to create the UK a center for cryptoasset technology and investments, and he has pushed for stablecoins to be accepted as a way to pay.
“It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” Sunak said in a statement. “This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”
Sunak has raised eyebrows in the British parliament before when he asked the Royal Mint, which makes British coins, to make NFTs as a way to show that the UK was serious about developing cryptocurrency technology.
Even though it is not clear how the UK Conservative Party will react to Sunak’s pro-crypto stance once he is in office, the newly elected prime minister tweeted that he plans to “fix our economy, unite our Party, and deliver for our country.”
Simon Jones, CEO of Voltz Labs, an unique DeFi primitive enabling novel interest rate swaps located in the United Kingdom, told Blockworks that the newly elected prime minister seemed more willing to implement positive [crypto] policies based on his past time in parliament.
“To my knowledge, he is the politician in the UK who is most positive towards crypto, and he’s now the prime minister,” Jones said. “That is a positive thing for the sector.”