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Cryptos hit 3-week high as pro-crypto Rishi Sunak is appointed new UK Prime Minister
Rishi Sunak has become the UK’s third prime minister in three months. But what could the new ‘crypto-friendly’ leader mean for the development of Britain’s crypto industry?
Dan Ashmore, financial analyst at CoinJournal
The new UK Prime Minister, Rishi Sunak, is an interesting one from a crypto point of view.
As finance minister, Sunak famously ushered in the Financial Services and Markets Bill earlier this year, aiming to bring stablecoins into the UK payments system. Saying at the time, ‘It’s my ambition to make the UK a global hub for cryptoasset technology’.
In April, Sunak asked the Royal Mint to work on a UK-backed non-fungible token (NFT), with plans to issue the token by summer. The announcement was part of a broader push to make the UK a ‘crypto hub’, with several crypto-friendly officials at the Treasury and in parliament helping to advance the agenda. Officials at the Royal Mint, the UK’s official coin maker, recently confirmed plans for a government-backed NFT remain in place.
The entry of a crypto-friendly figure at 10 Downing Street could be a big win for crypto in the country. Sunak’s, who has a background in banking, appointment as PM represents a boost to crypto in the UK, from a regulation point of view at least.
Bitcoin has seen a nice price jump yesterday, creeping above the £17,800 mark. After a week side stepping at below £17k, this could hint at some initial easing of the bear market following Sunak’s appointment.
Having said that, the size of the job at hand for Sunak with regard to rebuilding the UK economy cannot be overstated. After predecessor Lizz Truss’ infamous – and unexpected – mini-budget brought the country to its knees, it is hard to imagine any drastic action being taken in the crypto space – it would seem the UK is done with surprises in the financial sector for now.
Nonetheless, a pro-crypto head of state does present a positive for the cryptocurrency industry overall, as it continues to fight for legitimacy and acceptance on the mainstream, regulated, stage.”
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