Liz Truss is Britain’s new prime Minister. She previously stated: “We should accept cryptocurrencies in such a way that it doesn’t limit their potential.” Truss defeated Rishi Sunak (ex-Chancellor of the Exchequer) who had a plan for making the U.K. crypto-friendly.
Liz Truss, former Chancellor of Exchequer Rishi Sonak, has been elected the U.K. prime minster. Boris Johnson will be replacing the Foreign minister after the Conservative Party leadership has been won.
Johnson will be traveling to Scotland on Tuesday to hand in his resignation to Queen Elizabeth. Truss will be appointed by the queen as Britain’s next prime minister. After months of scandal, Johnson resigned in July.
Truss, 47 years old, promised to quickly address Britain’s rising cost of living crisis. She said she would develop a plan in a week to combat rising energy costs and ensure future fuel supplies. Truss tweeted Monday, “I will take bold actions to get us through these difficult times, grow our economy and unleash the United Kingdom’s potential.
Except for a January 2018 tweet, the incoming British prime Minister has not spoken much about crypto. Truss said: “We should accept cryptocurrencies in such a way as to not limit their potential. Eliminating regulations that limit prosperity will allow for free enterprise.
Rishi Sunak had bigger crypto plans
Sunak, on the other hand, had made it possible for the U.K. become a crypto-hub. John Glen, Economic Secretary to Treasury, was the architect of a detailed and comprehensive plan to improve Britain’s reputation as a friendly country for crypto. In July, however, Sunak and Glen both resigned from Johnson’s government.
Sunak stated in April that he aimed to make the U.K. a global hub of crypto asset technology.” Glen, his colleague, also said the same:
We want the country to be a global center — the best place to launch and scale crypto-companies.
The U.K. government presented its plans to encourage crypto adoption during the Queen’s speech in May. This speech was delivered by Prince Charles. The British government reiterated its commitment in order to regulate stablecoins. Officials from the U.K., the U.S. and discussed wider crypto regulation in July. The British Law Commission, an independent statutory body, published suggestions to amend laws related to digital assets.
As the new prime minister of Britain, Truss will have to face a host of challenges due to rising inflation. According to the International Monetary Fund, India has now become the fifth-largest economy in the world and has passed the U.K..