What Would the Future of Crypto Be as Liz Truss Becomes Next UK PM
Godfrey Benjamin Sep 06, 2022 01:40
As Liz Truss is set to take the top administrative position of Prime Minister in the country, the market is concerned about her monetary policies, including the stance towards cryptocurrency, regulation of Stablecoins and digital assets.
Interesting times are ahead for the United Kingdom as Mary Elizabeth Truss (Liz Truss) is set to take the country's top administrative position of Prime Minister.
Liz Truss won the election to become the Conservative Party Leader, beating Rishi Sunak, who was also a contender for the post.
With her victory, Liz Truss is set to get hands-on and build on the legacy of Boris Johnson as well as the other recent PMs from the Conservative Party in the past few years. While Liz has her own leadership visions, there has been a general silence on what is in it for the cryptocurrency ecosystem in the UK.
With the next general elections one of her major focuses, other industries are bound to feel a change one way or the other.
Liz Truss and the Crypto Agenda
Compared to what is known about the fellow contender Rishi Sunak who up to this election process was the Chancellor of the Exchequer, many may say Liz has no known agenda for crypto.
Despite this, it will be out of place to say Liz Truss is not friendly to the cryptocurrency ecosystem. She made a very promising tweet about crypto back in 2018, and her statement at the time can be attributed to someone who will welcome innovative crypto regulations.
At the time, she said the United Kingdom should "welcome cryptocurrencies in a way that doesn't constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity."
There are indications that Kwasi Kwarteng, a British politician serving as Secretary of State for Business, Energy, and Industrial Strategy since 2021, will be tapped to be the next Chancellor of the Exchequer. While little is also known about Kwasi’s disposition to crypto, he is credited for fast-tracking the laws that prevent "dirty money" from being siphoned away by foreign High Networth Individuals (HNIs).
With the UK moving to recognize stablecoins as a viable means of payment, the Royal Mint is positioned to issue its first Non-Fungible Token (NFT) collections, the industry is eagerly awaiting how the milestones will unfold under Liz Truss.
Image source: Shutterstock