Rishi Sunak, a supporter of crypto, will replace Truss as Prime Minister of the United Kingdom

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Last Updated on October 25, 2022 by Bitfinsider

After Liz Truss’s dramatic resignation as prime minister last week, the position went to Rishi Sunak, who oversaw the United Kingdom’s new crypto ambitions as finance minister.

On Monday, Sunak was elected by his Conservative Party colleagues to succeed Truss, who resigned after only 45 days in office as a result of political and economic upheaval brought on by the rapid unraveling of her economic stimulus plan.

Sunak, the former finance minister under Boris Johnson, publicly stated his intention to transform the United Kingdom into a global cryptocurrency hub during his tenure. He was instrumental in the introduction of the Financial Services and Markets Bill, which, if enacted, would grant local regulators significant jurisdiction over the crypto industry, beginning with including asset-pegged cryptocurrencies like stablecoins under the purview of payments legislation. The Royal Mint, the country’s official coin manufacturer, was given an unfulfilled mandate to build a set of Non-Fungible Tokens (NFTs) while he was in charge.

Truss’s government had promised to back Sunak’s crypto initiatives, but her departure posed a fresh disruption. During his time as finance minister, the local crypto business communicated with Sunak about crypto policy, therefore his appointment as prime minister is likely to be well received.

Director of policy at Innovate Finance, a U.K. tech sector organisation that also pushes for crypto, Adam Jackson, praised Sunak’s hiring, calling him a “champion of fintech.”

Ian Taylor, director of the industry lobby group CryptoUK said: “It’s a positive for crypto and the general economy.”

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