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Talk of turning the UK into a crypto hub on the one side, and the old guard with the banks on the other, the UK has generally dilly dallied until now. However, with both candidates for the job of prime minister firmly in favour of crypto, it could be that the digital asset sector finally gets the backing it needs in order to thrive.
The UK - a pillar of the system
From an international perspective the UK isn’t generally seen as a country to go against the party line of the global hierarchical system. It has traditional right-leaning politics and it can normally be relied upon to help snuff out anything that threatens the US-dominated world order.
The Bank of England was created in 1694 with the aim of raising the money necessary to make war, and with that pursuit in mind, to rebuild the British naval war machine.
So with this kind of history, it is frankly quite staggering that the UK would want to become a hub for the libertarian orientated world of cryptocurrencies.
A change of heart?
Of course, it just might be that there are certain more open minds in the government that recognise that the fiat financial system is done, and that the cryptocurrency revolution will succeed no matter what is thrown against it.
It also could be that getting in now with some tough regulations could make sure that the UK regulator can get a firmer grip over the sector and be able to exert a lot more control.
A pro-crypto Prime Minister
Rishi Sunak, one of the two leadership candidates and the ex-Chancellor of the Exchequer, was the one who announced that the UK government wanted to make Britain a global hub for crypto asset technology and investment, and is seen as very pro-crypto.
However, Liz Truss, who is currently favourite to succeed Boris Johnson in the role of Prime Minister, has even gone as far as to promote an anti-regulatory approach to crypto.
She was the Foreign Secretary before stepping down to run for office, and also formerly the Secretary of State for International Trade, where she oversaw a digital trade network that promoted fintech companies that “enabled digitisation and resilience in priority export markets,” according to an article on City AM.
If either of these two candidates for the highest office in the United Kingdom should win, then cryptocurrency is likely to be placed quite prominently in the new government agenda.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.