Rishi Sunak will become Prime Minister of the United Kingdom in the coming days. Sunak was defeated for the top government post by Liz Truss on September 5, but she resigned after 45 days in office. So far, the indications are that her election to the role is good news for the cryptocurrency industry.
Sunak was Chancellor of the Exchequer, or head of the Treasury, from early 2020 until July 5, when he resigned during a scandal that rocked the Boris Johnson government. In that time, Sunak repeatedly expressed his support for cryptocurrencies. Speaking in April about the regulatory reform proposal related to stablecoins, Sunak said:
“My ambition is to make the UK a global hub for crypto asset technology, and the measures we have outlined […] They will help ensure that companies can invest, innovate and scale in this country. This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”
Sunak has also spoken positively of the central bank digital currency, or CBDC. In April, it commissioned the Royal Mint to issue a non-fungible token (NFT) by the end of the year “as an emblem of the approach to the future that the UK is determined to take”.
He also oversaw the drafting of the draft Law of Services and Financial Markets, which is now making its way through Parliament and promises to provide a regulatory framework for stablecoins and crypto assets.
FLASHBACK: Rishi Sunak’s view on centralized crypto currency and how G7 nations should use it
— The PostMillennial (@TPostMillennial) October 24, 2022
Sunak has made history for several reasons. At 42, he is the youngest prime minister in modern UK history. David Cameron and Tony Blair were 43 years old when they took office. Sunak and his wife have a combined fortune of $828 million ($730 million), making him the richest British prime minister to take office, as well as the richest leader in the democratic world.
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