- Secretary of State for Foreign, Commonwealth and Development Affairs Liz Truss will be the new UK Prime Minister.
- On several occasions Truss made positive statements about digital assets and blockchain technology.
- It is unclear whether Truss will support or continue former Chancellor of the Exchequer Rishi Sunak’s plans to turn the UK into a crypto hub.
Last July, the current Minister of England, Boris Johnson, announced that he would resign from his position after losing the support of his government. After this announcement he presented himself with a race to lead and guide the Conservative Party, led by the Secretary of State for Foreign, Commonwealth and Development Affairs, Liz Truss, and former Chancellor of the Treasury Rishi Sunak.
With 81, 326 votes in favor Liz Truss managed to get out of the fight against Sunak who got 60, 399, so She will become the next UK Prime Minister.
On Tuesday, Johnson traveled to Scotland to meet with Queen Elizabeth to officially tender her resignation, and the queen thereafter appointed Truss as Britain’s new prime minister at Balmoral Castle in Scotland.
It is noteworthy that for the first time, this appointment is made outside of London, at Buckingham Palace, due to the queen’s mobility problems, which forced her to cancel several commitments.
Liz Truss will revive the economy with cryptocurrencies?
Once invested, Liz Truss said that she wants to get the country out of the crisis through various tax cuts, energy price measures and boosts to economic growth.
“I will present a bold plan to reduce taxes and grow our economy. I will address the energy crisis and citizens’ bills, but also the long-term problems we have in the energy supply“, he claimed.
In her career, Truss has served as UK Secretary of State for Foreign, Commonwealth and Development Affairs since 2021 and Minister for Women and Equality since 2019.
During that time, Truss made some positive statements about digital assets and blockchains, since 2018 noted that the UK “should welcome the cryptocurrencies in a way that does not limit its potential. Liberate areas of free enterprise by removing regulations that restrict prosperity”.
Also in 2020, Truss, who at the time was serving as Secretary of State for International Trade, indicated that considered that the country could “create great opportunities in areas such as blockchain“, in addition to launching a digital commerce network that promotes fintech firms.
UK a crypto hub?
Although these statements seem to advocate the implementation of digital assets in the territory, it is not yet clear if that intention will become a reality with the new position of Truss, given that it has not made concrete political proposals on these issues.
The same way, there is no clarity on whether Truss will support or continue his adversary’s plans Rishi Sunak to turn the UK into a crypto hub. This is due to the fact that before Sunak resigned from his post as Finance Minister, he, along with the former Secretary of the Treasury, John Glen, were in charge of paving the way for the presentation of a new Markets and Financial Services, which could include payment-focused digital currencies such as stablecoins.
In this regard, Sunak noted in April:
“It is my ambition to make the UK a global hub for crypto asset technology, and the measures we have outlined today will help ensure businesses can invest, innovate and grow in this country.”.
For his part, Glen pointed out:
“We want this country to be a global hub, the best place in the world to start and scale crypto companies.”
The road to cryptocurrencies
It should be noted that the topic of digital assets has already been touched on before in the UK. In a report June of last year, the secretary of finance headed by Foreign Minister Kwasi Kwarteng, pointed out that blockchain systems are one of the “seven technological families that will transform our economy in the future”.
Also, in the following month, a fund of 53 million pounds sterling, which aims to provide technological innovation, including the use of blockchain in supply chains.
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