“We need to embrace cryptocurrencies in a way that doesn’t limit their potential,” said Liz Truss, Britain’s new prime minister. Truss defeated former Chancellor of the Exchequer Rishi Sunak, who had plans to make the UK a crypto-friendly country.
Liz Truss becomes British Prime Minister.
Liz Truss has won the race to become the new Prime Minister of England, defeating former chancellor Rishi Sunak of Exchequer. The Foreign Secretary has won the leadership of the Conservative Party and will take over from Boris Johnson.
On Tuesday, Johnson will travel to Scotland to meet Queen Elizabeth to officially tender his resignation. The Queen then appoints Truss as Prime Minister of Britain. Johnson announced his resignation in July after months of scandal.
Truss, 47, has promised swift action to tackle Britain’s cost of living crisis. She also said that she will come up with a plan within a week to combat the ever-increasing energy bills and secure future fuel supplies. “I will take bold action to get us all through these difficult times, grow our economy and unleash the potential of the UK,” Truss tweeted on Monday.
The incoming British Prime Minister has not talked much about crypto except for a tweet she made in January 2018. “We need to embrace cryptocurrencies in a way that doesn’t limit their potential,” Truss wrote. Liberate free enterprise spaces by eliminating regulations that limit prosperity.
In contrast, Sunac has paved the way for the UK to become a crypto hub. He and Treasury Economic Secretary John Glenn were the architects of a comprehensive and detailed plan to bolster Britain’s image as crypto-friendly. However, Sunak and Glenn left the Johnson government in July.
Sunak said in April: “It is my aim to make the UK a global hub for crypto asset technology, and the measures we have announced today will help ensure that companies can invest, innovate and grow in this country.” Colleague Glenn similarly said:
We want this country to be a global hub – the best place in the world to start and scale crypto companies.
In May, the UK government announced plans to support crypto adoption in the Queen’s Speech delivered by Prince Charles. The British government has confirmed its commitment to maintaining a stable coin. In July, UK and US officials discussed broader crypto regulation. In the same month, the British Law Commission, a statutory independent body, published proposals to reform laws relating to digital assets.
As Britain’s new prime minister, Truss faces many challenges at a time of high inflation. According to recent data from the International Monetary Fund (IMF), India has overtaken the UK to become the fifth largest economy in the world.
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