UK: the new cryptocurrency friendly Prime Minister!

The UK has been at the center of political news in recent weeks. After the Queen's death, the country is facing major political turmoil. A new Prime Minister is coming to the famous 10 Downing Street: Rishi Sunak. Little known across the Channel, Rishi Sunak is highly regarded by the cryptosphere.

Rishi Sunak, the new British Prime Minister

45 days… The now former prime minister Liz Truss only lasted 45 days in office. Her resignation was formalized on Thursday 20 October 2022 in a statement. Liz Truss won't be able to convince her and her tax reform to stimulate the Kingdom's economy will have sounded the death knell for her. After her resignation, everyone is wondering who will be her successor.

Since Monday 24 October we have known the successor of Liz Truss. It is Rishi Sunak. Sound familiar to you? Unless you are very interested in British politics, you are unlikely to know it. But his name is not unknown to those who follow and support the cryptocurrency sector. Because? In his previous tenures, Rishi Sunak has stood out for his pro-crypto stance.

Rishi Sunak wants to make the UK a "cryptographic hub"

Rishi Sunak is no stranger to politics. In fact, he was finance minister under former prime minister Boris Johnson. The arrival to power of a former finance minister is reminiscent of French events, doesn't it? But the most interesting thing to note is elsewhere! Indeed, during his tenure as Finance Minister, Rishi Sunak has spoken out in favor of cryptocurrencies several times. In particular, Rishi Sunak stressed his desire to make the UK a “crypto hub”!

My ambition is to make the UK a global hub for cryptocurrency technology and the measures we have outlined today will help ensure that businesses can invest, innovate and grow in this country. " (…) We want the businesses of tomorrow - and the jobs they create - to remain in the UK, and by regulating effectively we can give them the confidence to think and invest for the long term. (…) This is part of our plan to ensure that the UK financial services sector remains at the forefront of technology and innovation ”. Statement by Rishi Sunak of 4 April 2022 (at the time he was Minister of Finance).

Among the measures mentioned in the declaration of 4 April 2022 is the recognition of stablecoins as a "means of payment". Of course, it is too early to know to what extent Rishi Sunak will pursue his cryptography policy. However, having a cryptocurrency-friendly personality at 10 Downing Street is a good sign for the cryptosphere.