The last candidates for UK prime minister have said positive things about crypto
Rishi Sunak, the former chancellor of the Exchequer, and Liz Truss, the Secretary of State for Foreign, Commonwealth, and Development Affairs, are two of the final candidates to be the next prime minister of the United Kingdom. Both of them have been pro-crypto in the past.
Boris Johnson is about to step down as Prime Minister, so Sunak and Truss are vying to be the next leader of the Conservative Party and the country. Their views on digital assets are likely to affect financial policy. Under Johnson, Sunak asked the country's Royal Mint to make a "non-fungible token" as part of a plan to make the UK a global hub for crypto.
Sunak was a member of Parliament and served as chancellor from 2020 until he quit in July. Before he quit, he said that the U.K. government would put an emphasis on financial technology, such as central bank digital currencies and stablecoins, in order to keep up with innovation. He has also been behind many proposed changes to financial services that would make it easier for people to use stablecoins and cryptocurrencies.
Truss, who has been Secretary of State for Foreign, Commonwealth, and Development Affairs since 2021 and Minister for Women and Equalities since 2019, and has worked for three different prime ministers, called for less regulation of crypto in 2018 so that the U.K. would be more open to it. As Secretary of State for International Trade, the MP started a digital trade network in 2020. One of its goals was to promote fintech companies that "enable[d] digitalization and resilience in priority export markets."
We should welcome #cryptocurrencies in a way that doesn't constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity. #PolicyExchange #futureoffreedom #shakeup
— Liz for Leader (@trussliz) January 30, 2018
Even though Johnson is expected to leave, policy decisions in the UK have kept moving forward. Nadhim Zahawi, who took over for Sunak as chancellor of the Exchequer, introduced a bill on July 20 called the Financial Services and Markets Bill. This bill included rules for stablecoins. The Treasury Committee of the House of Commons also started an inquiry about the role of crypto assets in the country. People in the U.K. can write in with their thoughts.
The next leader of the Conservative Party is likely to be chosen between Sunak and Truss by September 5. At that time, Johnson will officially step down. On Tuesday, the two candidates took part in a debate that was shown on TV. However, the debate had to be cut short when the moderator, Kate McCann, passed out while on air.
--------
