Expectations are high in the crypto world after the appointment of Rishi Sunak as the new Prime Minister of the UK, who is seen as ‘crypto-friendly’. The Coin Telegraph described the event as a ‘victory for crypto’. The reasons for these epithets can be seen in some of the latest acts and views of Rishi Sunak.
As the Chancellor of Exchequer, Rishi Sunak had said he would like to turn UK into a “crypto hub”. This has been widely quoted in the media, though it is not clear what it would entail. It does not imply that Bitcoin would become legal tender, or that retailers will begin to accept crypto payments across the country. Turning anything into a “hub” or “center” for this or that is common marketing speak. But the PM does certainly want to move the financial sector in the country towards innovation and the leading edge in technology, which basically means blockchain.
The recently cleared Financial Services and Markets Bill is one in which the PM had also participated. The Bill will bring under regulation digital assets such as stable coins and make cryptocurrencies a regulated asset.
Read more: UK inches closer to include crypto as regulated financial instrument
The aim of legislative control, as per the PM, revolves around attracting new businesses and jobs by instilling confidence and trust and to create a long-term thinking framework.
Earlier, Rishi Sunak is known to have asked the Royal Mint for an NFT collection to be created. The work in progress was part of the wider vision which sees the UK as the center for cryto trading and investing.
Rishi Sunak is also behind the work to create UK’s CBDC or central bank crypto currency, for which he had set up a team.
All of this has led some in the crypto media to view the next year as positive in general when it comes to an inducing environment for crypto adoption.
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