The new British Prime Minister, Liz Truss, once said, ” We should welcome cryptocurrencies in a way that does not constrain their potential.” Truss beat out former Finance Minister Rishi Snack, who had plans to make the UK crypto-friendly.
Liz Truss will be Britain’s new prime minister
Liz Truss has won the race to become Britain’s new prime minister, defeating former Finance Minister Rishi Snack. The foreign minister will succeed Boris Johnson after winning the Conservative leadership.
On Tuesday, Johnson will travel to Scotland to meet Queen Elizabeth and formally submit his resignation. The Queen will then appoint Truss as the new prime minister of the United Kingdom. Johnson announced his resignation in July after months of scandal.
Truss, 47, has promised to act quickly to tackle Britain’s cost-of-living crisis. She also said she would launch a plan within a week to fight rising energy bills and secure future fuel supplies. Truss tweeted Monday that she would “take bold action to weather these tough times, grow the economy, and unleash Britain’s potential.”
The incoming British prime minister has not said much about crypto, except for a tweet she made in January 2018. Truss wrote, “We should welcome cryptocurrencies in a way that does not constrain their potential. It will free up the free enterprise space by eliminating regulations that restrict prosperity.”
In contrast, Sunak was paving the way for the UK to become a crypto hub. He and John Glen, the Economic Secretary to the Treasury, were the architects of a comprehensive and detailed plan to strengthen the image of the UK as a crypto-accepting place. However, both Sunak and Glen left the Johnson administration in July.
Sunak said in April.” It is my ambition to make the UK a global hub for crypto asset technology.” The measures we have put together today will help enable companies to invest, innovate, and scale up in this country.” His colleague, Glen, echoed the sentiment.
We want this country to become a global hub – the very best place in the world to start and expand crypto companies.
In May, the British government outlined plans to support crypto adoption in a Queen’s Speech delivered by Prince Charles. The British government also pledged to regulate stablecoins; in July, British and U.S. officials discussed broader crypto regulation. That same month, the UK Law Commission, a statutory independent body, published proposals to reform laws related to digital assets.
Truss will face a number of challenges as Britain’s new prime minister amid surging inflation. Recent data from the International Monetary Fund (IMF) revealed that India has overtaken the UK to become the world’s fifth largest economy.
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