UK elects new prime minister who supports cryptocurrency

After winning the election, Liz Truss is set to become Britain’s next prime minister, replacing Boris Johnson as leader of the Conservative Party.

It’s entirely possible that Truss’ response to the cost-of-living crisis, which she promised to implement within days of taking office, will determine both her premiership and her prospects for her own mandate at the subsequent general election.

Interestingly, cryptocurrency insiders are interested in how the new British Prime Minister deals with cryptocurrencies.

In 2018, she tweeted, “We must accept cryptocurrencies” in a way that does not limit their potential and liberate entrepreneurship by eliminating regulations that impede prosperity.

UK and Cryptocurrency

A recent study revealed that the United Kingdom, along with the United States and Ukraine, is the leader in the general use of cryptocurrencies globally. The study takes into account the number of cryptocurrency owners in a country, the global Decentralized Finance (DeFi) index, the number of companies that allow cryptocurrency payments, the number of Bitcoin (BTC) ATMs, and the volume of monthly searches for crypto terms.

Interestingly, in light of the growing crypto sector, a British parliamentary group also launched an investigation in August into further regulation of the space.

Gears to deal with the escalating energy crisis

It should also be noted that Truss’ campaign to lead the party was not without controversy. When asked how she would deal with the issue of the rising cost of living, she responded by saying that she would focus her efforts on “reducing the tax burden, not distributing handouts.”

It is clear that members of the Liz Truss team are already shifting their focus to the urgent task of publicizing the kind of assistance that may be on the way to helping consumers with ever-increasing energy costs.

Truss promised to present a strategy within a week, when it is expected to announce proposals to reduce household energy costs and boost the country’s long-term energy supply.

Coinphony reported on August 31 that the British economy is on the verge of stagflation as it is phasing out Russian energy imports and dealing with rising energy and food prices, declining household purchasing power and lower savings rates with harder access to credit.

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