Rishi Sunak, who held the positions of chief secretary to the Treasury from 2019 to 2022 and Chancellor of the exchequer from 2020 to 2022, is now the prime minister of the United Kingdom. He succeeded Liz Truss, who gave her resignation from office after 44 days as prime minister.
In a meeting at Buckingham Palace on Monday, Sunak formally accepted his new position from King Charles after being elected head of the Conservative Party.
The former Chancellor of the Exchequer may improve the UK’s reputation as a center for digital assets, distributed ledger technology, and cryptocurrencies in a number of critical areas, according to several crypto specialists.
When it all started?
In April, John Glen and Sunak presented a detailed roadmap for the UK’s future in cryptocurrencies as part of their discussion on how to make the UK “a worldwide cryptoasset technology centre.”
This includes creating new regulations for a “financial market infrastructure sandbox” that can support the innovation of crypto firms.
As Chancellor, he oversaw a “CryptoSprint” organized by the Financial Conduct Authority to promote distributed ledger technology (DLT) innovation in the UK.
Also, being the chief secretary to the Treasury, Sunak led the creation of an exclusive NFT in collaboration with the Royal Mint and the establishment of an engagement group to collaborate more closely with business.
Additionally supportive of central bank digital currencies (CBDCs), the new prime minister has raised some doubts among certain proponents of cryptocurrencies. However, he discussed the potential advantages of CBDCs for businesses and consumers in October of last year when the G7 released a report on the matter. Sunak also established a team to oversee the growth of Central Bank Digital Currency (CBDC) in the United Kingdom.
