Recently Elected UK PM Rishi Sunak to Boost Cryptoverse

    Tanya Sharma
    Tanya Sharma
    Published on October 29, 2022 2:47 PM

    Updated on January 25, 2023 8:28 PM

    The government of the newly elected Prime Minister, Rishi Saunak, voted to legalize cryptocurrencies as money.
    Recently Elected UK PM Rishi Sunak to Boost Cryptoverse

    In just three months, Rishi Sunak has become the third prime minister of the UK. From a cryptocurrency perspective, it will benefit the crypto-verse as the PM is a Crypto Protagonist, per his previous comments on the digital asset space.

    Sunak's Vision to Make the UK a Global Crypto Hub

    He declared," 'It's my ambition to make the UK a global hub for crypto asset technology."

    Furthermore, Sunak requested the Royal Mint work on a UK-backed non-fungible token (NFT) in April, intending to release the token by summer.

    While Carl Szantyr, Co-Founder and CEO of Blackstone Capital, is delighted with Sunak's appointment, he never had any doubts about the viability of cryptocurrencies in this country. 

    "Cryptocurrencies provide an alternative to old, centralized financial systems, which have shown insufficient to handle the twenty-first century's social, technical, and geopolitical upheavals." 一 Carl stated.

    Sunak's Strategy to Regulate Digital Assets

    In April 2022, Finance Minister Rishi Sunak unveiled a strategy to turn the UK into a center of the crypto-asset technology industry and outlined a thorough path for the country's future in space. There are three critical points on the roadmap:

    • Impose regulations on stablecoins to enable their usage as a recognized payment method in the UK
    • The roadmap includes numerous steps to turn the UK into the world's cryptocurrency technology and investment center.
    • The creation of new regulations for a financial market infrastructure sandbox that aims to support the innovation of crypto firms.

    For the UK's crypto foundation to advance, some analysts still hold that more legislative certainty is necessary. It still needs to be determined what the private sector will contribute to the new regulatory environment.

    Officials Planning to Impose CBDC Soon

    The UK's central bank has carefully planned for Bitcoin, the nation's CBDC (Central Bank Digital Currency). The PM, Rishi Saunak, was one of the first to support the Bank of England's CBDC. The CBDC and other crypto-related plans could benefit from a reinvigorated focus under the leadership of a pro-crypto PM.

    Before it is enacted into legislation, the use of cryptocurrency as money still has a ways to go. The House of Lords or the Upper House of Parliament may review the bill in the upcoming days. After receiving King Charles III's royal assent, the revisions may be given their final review later.