Incoming UK Prime Minster, Rishi Sunak, is Pro-crypto

Incoming UK Prime Minster, Rishi Sunak, is Pro-crypto

The United Kingdom has elected its new Prime Minister, Rishi Sunak, following the resignation of Liz Truss. And like Truss, Sunak is also pro-cryptocurrencies.

Following what can only be described as a very tumultuous time for the United Kingdom, the country has elected its newest Prime Minister. Sunak becomes the second pro-crypto Prime Minister after Truss who only lasted in office for 45 days. The new Prime Minister was handpicked by his fellow Conservative Party members on Monday and becomes the youngest person to serve as a Prime Minister in over 200 years. Sunak served under former Prime Minister Boris Johnson as Chancellor of the Exchequer, and during his service, made his interest in cryptocurrencies and blockchain known. In April, Prime Minister Sunak spearheaded plans to turn the U.K. into a hub for cryptoasset technology and investment, along with advocating for the recognition of stablecoins as forms of payment. He said in a statement:

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. He added, “This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”

Sunak took to Twitter to explain his intention for becoming Prime Minister:

The United Kingdom is a great country but we face a profound economic crisis. That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister. I want to fix our economy, unite our Party and deliver for our country.

The newly elected Prime Minister is also famous for asking the Royal Mint, the creator of British coins, to create non-fungible tokens (NFTs) as a way to demonstrate the country’s commitment to becoming a global hub for cryptocurrencies. Although he speaks very clearly about his goals for digital assets, it may take a backseat for a while. Sunak faces other more pressing issues such as rising energy prices, a public finance shortfall, and skyrocketing inflation rates. He also needs to assemble a new cabinet following a formal handing-over ceremony with His Majesty King Charles and former Prime Minister Liz Truss.

The story was first reported by Blockworks.

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.

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