Liz Truss, the new British Prime Minister, has previously stated, “We should welcome crypto-currencies in a way that does not limit their potential.“Truss defeated former Chancellor of the Exchequer Rishi Sunak, who had a plan to make the UK a crypto-currency-friendly nation.
Liz Truss becomes Britain’s new prime minister
Liz Truss has won the race to become Britain’s new prime minister, defeating former Chancellor of the Exchequer Rishi Sunak. The foreign secretary won the leadership of the Conservative Party and will succeed Boris Johnson.
On Tuesday, Boris Johnson will travel to Scotland to meet with Queen Elizabeth and formally tender his resignation. The queen will then appoint Liz Truss as Britain’s new prime minister. Johnson announced his resignation in July after months of scandal.
Liz Truss, 47, has promised to act quickly to tackle Britain’s cost of living crisis. She also said she would present a plan within the week to tackle rising energy bills and secure future fuel supplies. “I will take bold action to get us all through this difficult time, grow our economy and unlock the UK’s potential“, Ms. Truss tweeted on Monday.
The future British prime minister hasn’t talked much about crypto, except for a tweet she made in January 2018. Truss wrote: “We should welcome crypto-currencies in a way that doesn’t constrain their potential. Free up free enterprise zones by removing regulations that limit prosperity.“
In contrast, Rishi Sunak had paved the way for the UK to become a crypto-currency hub. He and Economic Secretary to the Treasury John Glen were the architects of a comprehensive and detailed plan to boost Britain’s image as a European hub for crypto. However, both Sunak and Glen left the Johnson government in July.
Rishi Sunak said in April, “It is my ambition to make the UK a global hub for crypto asset technology, and the measures we have outlined today will help ensure that businesses can invest, innovate and grow in this country.“His colleague, Glen, also stated:
We want this country to be a global hub – the best place in the world to start and grow crypto-currency businesses.
In May, the UK government outlined its plans to support the adoption of crypto-currencies in the Queen’s Speech, delivered by Prince Charles. The UK government also affirmed its commitment to regulating stablecoins. In July, representatives from the U.K. and the U.S. discussed broader regulation of crypto-currencies. That same month, the British Law Commission, an independent statutory body, published proposals to reform the laws relating to digital assets.
Liz Truss will face a series of challenges as Britain’s new prime minister amidst rampant inflation. Recent data from the International Monetary Fund (IMF) showed that India had overtaken the UK to become the fifth largest economy in the world.