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Is Rishi Sunak, the new prime minister of the United Kingdom, a cryptophile or CBDC supporter?
In a few days, Rishi Sunak will assume the position of the prime minister of the United Kingdom. Sunak was elected into office amid severe economic difficulties after Liz Truss, who held office for a record-breaking 45 days, announced her resignation in response to a barrage of criticism over her disastrous fiscal policies. Sunak, for example, once supported regulation but now supports the crypto business.
The United Kingdom’s finance minister, Rishi Sunak, declared ambitions to turn the nation into “a global crypto-asset technology center” in April 2022. “We’re working to establish the UK as a major center for crypto assets. He had stated in April 2022, “We want to see the businesses of tomorrow, and the employment they create, here in the UK. The crypto industry is eager to see how he will influence the future of the island nation’s crypto economy now that he has been named the Prime Minister of the UK.
The Financial Services and Markets Bill, which if passed would give domestic regulators additional control over the cryptocurrency industry by putting stablecoins under the jurisdiction of payments legislation, was championed by Sunak during his time as the Finance Minister. Sunak advocated for the development of new rules that would further the integration of cryptocurrencies into the economic and legal system in the United Kingdom, resulting in increased acceptance and investment.
The policies we’ve detailed today will make it possible for businesses to expand, innovate, and invest in our nation. The UK’s coin manufacturer, the Royal Mint, was given the task of creating a non-fungible token (NFT) collection, which was earlier predicted to be ready by summer but hasn’t yet entered the market. He also outlined ambitions to turn the nation into a crypto center.
Lisa Cameron, the chair of the Crypto and Digital Assets All Party Parliamentary Group (APPG), of the Scottish National Party, has urged the British government to be clear about its commitments to the cryptocurrency industry two days after Sunak was named the new prime minister of the United Kingdom. Additionally, on October 24, 2022, the UK Parliament’s lower house, the House of Commons, voted in favor of recognizing bitcoin assets as regulated financial products and instruments.
Sunak had proposed a central bank digital currency (CBDC), sometimes known as “Bitcoin,” to be used throughout the UK economy by 2025 in 2021. Notably, 19 of the G20’s 20 member nations are considering a CBDC, with 16 of them being in the planning or pilot stage. South Korea, Japan, India, and Russia are included in this. Over the previous six months, each of these countries has achieved noteworthy advancements. Additionally, 105 nations—representing more than 95% of the world GDP—are investigating a CBDC.
It goes without saying that Sunak’s most recent accomplishment will elevate him to the status of one of the most influential figures in the world for openly supporting the use of blockchain technology to alter financial markets. It is noteworthy that he had previously spoken out in favor of Britcoin, the nation’s central bank’s digital currency, at the Bank of England in late October.
Following that, he contended that CBDC might “give businesses and consumers new methods to pay.” Shortly after, he declared the creation of a task force by the Treasury and central bank to research the operation of CBDCs as an alternative to cash and bank deposits. However, many libertarian cryptocurrency supporters reject the notion of a digital form of legal cash and raise security issues about financial monitoring. This has made several business analysts doubt the remarks made by the incoming PM.