March 25, 2023

New Prime Minister Liz Truss has previously said the UK should welcome cryptocurrencies.

new prime minister

Britain welcomed its new prime minister, former foreign secretary Liz Truss, over the weekend. Earlier today, she was sworn in by Queen Elizabeth II. Crypto enthusiasts and industry leaders are hopeful about her appointment, although Truss has made no explicit support for the field. Her rival in the prime ministerial race, Rishi Sunak, also holds very strong pro-crypto policies. Word has emerged that he may be appointed to her cabinet; however, nothing has been announced so far. Despite the uncertainty, Truss has been pushing pro-business and pro-privatization policies for her administration, which bodes well for the country’s crypto regulatory framework.

Truss’ pro-cryptocurrency policy

Her previous accomplishments as secretary of state for international trade suggest that Truss may take a hands-off approach to regulation.

Back in 2018, Truss tweeted,

“We should welcome cryptocurrencies in a way that doesn’t limit their potential. Liberate free enterprise zones by removing regulations that limit prosperity.”

Two years later, in 2020, she also launched a digital trade network to promote the development of fintech companies, among other measures to promote opportunities in blockchain technology.

In her own words,

“We want to achieve world-leading data and digital agreements, underwrite data flows, and address issues such as blockchain and artificial intelligence to ensure that we and the U.S. are world-leading and able to share in these economic opportunities.”

These instances do show a pro-crypto stance. However, as prime minister, she has yet to make it clear whether her previous policies will translate into more crypto-friendly regulations at the executive level.

UK as a global crypto hub – the story so far

Most cryptocurrency heads are wondering if Truss will continue the previous government’s work to develop the UK into a global cryptocurrency hub.For example, the government is exploring how property rules Can be applied to digital assets in Wales and England.

even though Bank of England Has been taking a tougher look at stablecoins, Bank of England Governor Andrew Bailey The role that blockchain and cryptography can play in financial institutions has been acknowledged. The fact that he is at least open to innovation in this area is considered very encouraging.The Bank of England has also appointed a consortium to test its cross-border payments GBP-backed CBDC.

Disclaimer: This article is for informational purposes only. It is not intended or intended to be used as legal, tax, investment, financial or other advice.

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