What New UK PM Says About Crypto?

Britain’s new prime minister Liz Truss had said that the crypto needs an environment that will not hinder its potential. She outshined the former Exchequer Chancellor Rishi Sunak, who planned to make the United Kingdom a cryptocurrency-friendly country.

Liz Truss: New Britain’s Prime Minister

Liz Truss won the election as UK’s new prime minister, outshining former Exchequer Chancellor Rishi Sunak. After winning the Conservative Party leadership, the foreign minister now takes over Boris Johnson.

Johnson will visit Queen Elizabeth on Tuesday to tender his resignation. The queen will appoint Truss as the new prime minister. Meanwhile, Johnson resigned in July, following scandalous months. Truss promised to act swiftly to contain Britain’s cost of living troubles.

Also, she revealed a plan to combat energy bills and ensure stable fuel supplies. Remember, Britain sees increased power costs due to the Russia-Ukraine crisis.

The new prime minister remarked on taking bold steps to overcome these challenging moments and grow UK’s economy to unleash the country’s potential.

The new British PM hasn’t commented much on crypto besides her January 2018 tweet. She posted about welcoming crypto in an approach that retains its potential. Truss tweeted about alleviating regulations that limit prosperity.

Contrarily, Sunak had opened the gates for the United Kingdom to be a cryptocurrency hub. He worked with John Glen of the Economic Treasury to design a comprehensive plan to enhance Britain’s image as a friendly environment for crypto. Nevertheless, Glen and Sunak resigned from Johnson’s leadership in July.

Sunak revealed (in April) his determination to make the United Kingdom an international hub for crypto technology, confirming a solid design that can help companies innovate and invest in the nation. Glen stated they wanted to make the UK a leading global hub, attracting crypto companies.

In May, the United Kingdom government revealed plans to back cryptocurrency adoption. Also, it confirmed its dedication to regulating stablecoins. In July, US and UK officials discussed broader cryptocurrency regulation.

Truss will encounter multiple hurdles as Britain’s prime minister due to the soaring inflation. The latest IMF (International Monetary Fund) data indicated that India flipped the UK to the globe’s 5th largest economy.

Editorial credit: Clicksbox / shutterstock.com

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