Rishi Sunak is ready to take over as UK Prime Minister in a few days. Amid dire economic winds, Sunak was voted into office after Liz Truss, who only served 45 days, announced her resignation as a result of a wave of criticism over her failed financial policies.
Sunak, for example, is an advocate for the cryptocurrency industry and has previously advocated for regulation.
List of cryptocurrencies in the United Kingdom
During his tenure as finance minister, Sunak led the Financial Services and Markets Bill, which, if passed, aims to give domestic regulators more power over the crypto industry by bringing in stablecoins under the Payments Regulations.
Sunak recommended additional regulations that would promote the integration of cryptocurrency into the UK’s economic and legal framework, thus stimulating more investment in the space as well as adoption.
“The actions we outline today will help ensure that companies are able to invest, innovate and expand in this country,”
He also revealed plans to turn the country into a cryptocurrency hub and commissioned the UK’s currency producer – Royal Mint – to create a set of non-fungible tokens (NFTs), which were previously expected to be ready by summer but have not yet. Target the market.
Pro-central bank digital currency
Needless to say, Sunak’s latest achievement will make him one of the world’s top leaders in publicly embracing the use of blockchain technology to transform financial markets.
Notably, he also spoke in favor of the country’s central bank digital currency, or Bitcoin, as it was called at the Bank of England last October. He then claimed that CBDCs could “offer businesses and consumers new ways to pay.” Shortly thereafter, he announced a joint working group between the Ministry of Finance and the Central Bank to study how central bank digital currencies could function as a supplement to cash and bank deposits.
However, many proponents of libertarian cryptocurrencies oppose the idea of a digital version of the legal tender, citing financial monitoring. This has caused many industry forecasters to question the soon-to-be PM’s comments.
One of these is Bitcoin investor Preston Beach, who… chirpAnd the
“Where have you seen anywhere that this guy uttered the word Bitcoin? The wolf in sheep’s clothing is the one who runs around saying “crypto” and talking about CBDC. I would argue that it is potentially more dangerous than people who have no idea.”
Featured image from CNBC
After the new British Prime Minister Rishi Sunak: Crypto Believer or CBDC Backer? It first appeared on CryptoPotato.