Rishi Sunak made a historic win in the UK election and became the first Indian-origin Prime minister. He has always portrayed a positive outlook on crypto. During his tenure as a finance minister under Boris’s government, Sunak revealed his ardent desire to make the country a crypto hub. He made a great attempt at passing a bill on financial services and markets that could enable the crypto industry to soar high if it passed into law.
If you all remember, under his leadership, Royal mint, a coin producer, was tasked with creating an NFT collection yet to be released to the general public.
Truss, a contender in the election, adhered to a minimal regulatory approach in crypto-related assets but never commented much on the industry. On the contrary, Sunak, who replaced her in the election, believes in crypto’s potential to stabilize the economy.
Rishi Sunak revives hope for the crypto industry
Crypto is undoubtedly a volatile yet potential asset that could bring a host of opportunities to countries falling prey to frequent episodes of inflation and other economic crises. As cryptocurrency is a decentralized system, it won’t get affected by the market situation, which could prove good for an economy.
Rishin Sunak is ambitious in including stablecoins as part of payments which will help strengthen the financial infrastructure in the UK. He firmly believes that cryptocurrencies have the power to innovate different business sectors. In April, the new Prime Minister cleared his stance on how he thinks proper crypto regulations norms will enable businesses to look for long-term investment opportunities in the country.
He even proposed a plan of issuing a CBDC at the Bank of England that would enable people and businesses a new way to pay. It is believed that his tenure as a Prime Minister will definitely transform the plan into action, and the UK might soon get its own digital currency.
Well, it’s still unknown how the newly elected PM will initiate strategies for developing the country’s economy. However, one thing is for sure; Rishi Sunak can utilize the power of emerging technologies like blockchain to create new opportunities for the residents of the UK.