UK Prime Minister, Liz Truss - CNBC

UK’s New Prime Minister Advocated For Friendly Crypto Regulations

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UK’s New Prime Minister Advocated For Friendly Crypto Regulations:

The United Kingdom has gotten a new Prime Minister, Liz Truss, who spoke favourably about cryptocurrency several years ago.

In the journey of becoming UK’s next PM, Truss was chosen over Rishi Sunak (Chancellor of the Exchequer from 2020 to 2022), who also esteems digital assets.

UK Prime Minister, Liz Truss - CNBC
UK Prime Minister, Liz Truss – CNBC

Earlier this year, Rishi opined that Britain will thrive economically if it becomes a global crypto hub.

The political environment in the United Kingdom has been turbulent in the past few years.

This can be confirmed with the  withdrawal from the European Union (known as “Brexit”) combined with the start of the COVID-19 pandemic causing financial turbulence.

Irrespective of the strict anti-social rules given by the government, former Prime Minister Boris Johnson was caught organizing parties and dancing with his colleagues on numerous occasions, and so his war with society began.

Not too long, he was targeted by the opposition, who claimed that the anti-inflationary measures which his administration enforced were inappropriate.

Key members of his cabinet started resigning, while finally, in July Johnson stepped down.

Finally, the battle of who to be in charge of the UK began between Rishi Sunak (former Chancellor of the Exchequer and Johnson’s right hand) and Liz Truss (a member of the Conservative Party).

Liz Truss finally won with 81,326 votes to 60,399, becoming the next PM.

What’s intriguing is the fact that she seems to be a cryptocurrency advocate.

 

In 2018, she advocated for the removal regulations that are not friendly to the crypto space- Halting the advancement of the industry.

Meanwhile, her agenda remains unclear at the moment.

And the methods to be put into place by her administration in tackling major issues, such as the rising record of inflation in the Kingdom, remains unclear.

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