The new finance minister, Kwasi Kwarteng, left the crypto policy in the United Kingdom

The recently elected leader of the Conservative Party and Prime Minister of the United Kingdom, Liz Truss, has appointed Kwasi Kwarteng as the country’s new Chancellor of the Exchequer, or Minister of Finance.

In Tuesday’s announcement, the Trust Office It has been named. Kwarteng was appointed as the UK’s next Chancellor of the Exchequer, replacing Nadeem Zahawi, who had served as chancellor for three months following the resignation of Rishi Sunak in July. In addition to being a Member of Parliament since 2010, Kwarting has been the Secretary of State for Business, Energy and Industrial Strategy to the UK Government.

Queen Elizabeth regularly He was appointed Truss as the UK’s next prime minister and first Lord of the Treasury on Tuesday after Boris Johnson’s resignation. Truss in 2010 In 2018, the UK “must embrace cryptocurrencies in a way that doesn’t limit their potential,” Zahawi said, not publicly speaking on the country’s crypto and blockchain plans.

Related: BoE official compares current crypto market regulation to ‘unsafe planes’

In a June 2021 report, UK Innovation Strategy from the Department for Business, Energy and Industrial Strategy – where Zahawi served as secretary of state – said blockchain technology has “transformational potential”, citing its ability to build trust in digital services. In the year In July 2021, the State Department announced $61 million in funding for projects driving “data-driven innovation,” including the use of blockchain in supply chains.

The UK government is considering various legislative avenues to regulate stablecoins and define the role of crypto in the economy. In May, the Prime Minister’s Office introduced two bills regarding the holding and regulatory support of cryptocurrencies.