In the confusing world of British politics, a new Prime Minister has been elected following Liz Truss’s controversial departure. Crypto believer and former UK Finance Minister, Rishi Sunak, has become the U.K.’s PM after winning Conservative Party leadership. The 42-year-old made several pro-crypto moves during his time as finance minister under former Prime Minister Boris Johnson.
Britain Gets A New Prime Minister Following Liz Truss’s Short And Chaotic Tenure
Rishi Sunak has officially taken over as the UK’s Prime Minister.
The news emerged on Monday after opponents Penny Mordaunt and ex-Prime Minister Boris Johnson dropped out of the Conservative Party leadership election, making Sunak win by default.
Liz Truss resigned last week after only 45 days in office and figuratively handed the keys to number 10 Downing Street to the former Finance Minister, Sunak.
Truss, who took over from Boris Johnson on September 5, was forced to step down from the British premiership after her ambitious plan to slash taxes for the country’s top earners quickly boomeranged, resulting in political and economic turmoil. Members of the ruling Conservative Party began the process of electing a new Prime Minister soon after Truss was ejected from her leadership position.
Sunak is basically the richest U.K. PM to take office. He and his wife, Akshata Murty, have an estimated net worth of 730 million pounds (equivalent to $830 million). Curiously enough, Sunak is even richer than the royals.
While Sunak is assuming office at a time when the global economy is stuttering and inflation remains stubbornly high, the consensus is that his appointment for the U.K. premiership is good news for the cryptocurrency sector in the island country.
Sunak’s Pro-Crypto Stance
The newly elected U.K. Prime Minister, Rishi Sunak, has repeatedly voiced his support for cryptocurrencies and blockchain technology. Last April, while serving as the chancellor of the exchequer, Sunak called for the Bank of England and Her Majesty’s Treasury to create a task force to explore the creation and issuance of a central bank digital currency (CBDC).
Sunak reiterated his support for crypto earlier this year when he laid out plans to make the U.K. an international crypto tech hub. At the center of these ambitions was the plan to turn stablecoins into a “recognized form of payment”, a move that could considerably strengthen the U.K. crypto industry.
Under Sunak’s chancellorship, the Royal Mint — the official maker of Britain’s coins — was assigned the responsibility of developing non-fungible tokens to signal the government’s “forward-looking approach” to crypto.
Who Sunak chooses as the next chancellor of the exchequer could also have an impact on U.K. crypto policies. He will likely choose someone who shares his bullish stance on crypto technology and investment.
While the future of cryptocurrency regulation and innovation in the U.K. looks promising following Sunak’s appointment, whether he can hold his position in the coming months remains unknown.
