Pro Crypto Rishi Sunak is the first candidate for the position of British Prime Minister

Rishi Sunak, the former Chancellor of the Exchequer under Boris Johnson, becomes the first candidate on the ballot to be the UK Prime Minister. Sunak has broken the barrier of 100 public nominations, a prerequisite for running for the party leadership. Rishi Sunak wants to make the UK the crypto-currency hub of the world.

Rishi Sunak initially threw his hat into the ring after Boris Johnson resigned. However, Liz Truss defeated him in the party elections to become the next Prime Minister. Nevertheless, while Truss resigned from office after 45 tumultuous days, Sunak is once again the favorite.

Sunak, the former finance minister, is the darling of the British crypto community.

The British political crisis explained

Former British Prime Minister Boris Johnson has resigned from his post due to a series of scandals that occurred during his administration. Rishi Sunak and Liz Truss were the two main contenders for the position. Although Sunak was the favorite, he lost to Truss. However, the economic plan introduced by Truss caused an economic crisis in the United Kingdom.

The budget called for unfunded tax cuts, resulting in a major economic crash. Several pension funds were put in jeopardy and the British pound collapsed. Although she cancelled the plan, Truss was unable to get out of it. Chancellor Kwasi Kwarteng was sacked first, and Truss resigned soon after.

Truss announces that the next Prime Minister will be chosen by the party in a week. Once again, Sunak seemed to be the favourite, with several MPs publicly supporting him. However, it appears that Sunak will have to face his former boss Boris Johnson. Johnson has expressed interest in returning to the race and several MPs have publicly supported him.

Why the UK Crypto community is backing Rishi Sunak

As finance minister, Rishi Sunak wanted to make the UK the global center of crypto-currency. He wanted to make stablecoins an accepted form of payment in the UK. He also aimed to give legal status to decentralized autonomous organizations or DAOs. He also asked the Royal Mint to work on an NFT.