Rishi Sunak becomes UK Prime Minister – He wants to make Britain a global crypto-currency investment hub

Former British Chancellor of the Exchequer Rishi Sunak has become the country’s new Prime Minister, succeeding Liz Truss who resigned after 44 days in office. The leader of the Conservative party had earlier said, “I have an ambition to make the UK a global center for crypto-currency technology“.

Rishi Sunak takes office as Prime Minister of the United Kingdom

Rishi Sunak, who served as Chancellor of the British Exchequer from 2020 to 2022 and Chief Secretary to the Treasury from 2019 to 2022, has become the Prime Minister of the United Kingdom. He succeeded Liz Truss, who resigned after 44 days as prime minister.

Rishi Sunak formally accepted his new role from King Charles at a meeting at Buckingham Palace on Monday after winning the Conservative Party leadership.

Many people have called Rishi Sunak pro-crypto for his efforts to make Britain “a global center for crypto-currency technology and investment“, as announced by the British government in April. He stated at the time:

I have ambitions to make the UK a global hub for crypto-currency technology, and the measures we have outlined today will help ensure that businesses can invest, innovate and grow in this country.

The UK government also stated that it “will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for crypto-currency technology and investment“. In addition, the government noted that it “will explore ways to improve the competitiveness of the UK tax system to encourage the further development of the cryptoasset market in the UK.“Sunak has also tasked the Royal Mint with creating a non-fungible token (NFT).

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We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively, we can give them the confidence they need to think and invest for the long term“, said Sunak. “This is part of our plan to ensure that the U.K. financial services industry is always at the forefront of technology and innovation.

Rishi Sunak also stated in January:

Cryptoassets can provide exciting new opportunities, offering people new ways to trade and invest – but it’s important that consumers are not sold products with misleading claims. We are working to ensure that consumers are protected, while supporting innovation in the cryptoasset market.

However, the new prime minister also supports central bank digital currencies (CBDCs), which has raised concerns among some crypto-currency advocates. In October last year, he explained how CBDCs could benefit businesses and consumers as the G7 released a report on the topic. Rishi Sunak also set up a working group to lead the UK’s work on a central bank digital currency.

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