UK Prime Minister Rishi Sunak With High Ambitions for Crypto Adoption

The new Prime Minister of the United Kingdom Rishi Sunak is long known for his strong support of cryptocurrencies and blockchain technology

The United Kingdom remains one of the world’s strongest economies, and Sunak has now become the youngest-ever Prime Minister in the history of the UK.

PM Sunak’s assignment as PM came after Liz Truss resigned after just 45 days in office as Prime Minister. Recall that the latter won the elections, but Sunak now steps up to take charge of the UK.

Just to give a little context on the new PM, Rishi Sunak was once chancellor of the exchequer, but he resigned after his views on UK’s economy were different from the Government of that time, with Boris Johnson as the former Prime Minister. Sunak and his wife are estimated to be worth around $824 million, which also makes him the richest PM that the UK has ever had.

Throughout the years, Sunak has let his opinion known regarding cryptocurrencies. Back in April of this year, Sunak also stated that he aims to make the UK as the “global hub” of cryptocurrencies. Sunak strongly believes in the financial efficiency that the crypto industry can bring on both innovation and technology.

Moreover, Sunak also supports Central Bank Digital Currencies (CBDCs). And so far, he’s also stayed true to his words. Back in April, he commissioned the Royal Mint NFT that would serve as an emblem for the UK and would further solidify the stance that the UK may have on cryptocurrencies. Here is what Sunak has to say about CBDCs:

Though crypto enthusiasts are not that enthusiastic about CBDCs, as CBDCs defeats the purpose of having decentralized means of a monetary system. Therefore, while many crypto supporters believe that with Sunak as a new PM crypto adoption could be achieved in the coming years, others think the opposite. Even influencers are pointing out that while Sunak supports the concept of digital currencies, he might not be that crypto-friendly. 

In terms of the regulations imposed on cryptocurrencies, Sunak was involved in the draft of the Financial Services and Markets Bill. Once reviewed by the Parliament, the Bill aims to establish a new framework that facilitates crypto adoption.