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Boris Johnson's government, political crisis is also about crypto economy

7 July 2022

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The political tsunami at Downing Street will have big reflections in many sectors. Boris Johnson has finally agreed to step down as UK Prime Minister following more than 50 resignations from his government in response to multiple scandals.According to the BBC, Johnson has said he will carry on until the fall when a new Conservative Party leader will be chosen.

Also Britain's finance minister, Rishi Sunak, has suddenly resigned from Boris Johnson's government — raising the prospect that the U.K.'s ambitions to become a "global cryptoasset hub" could be put on ice.

In his letter of resignation, Sunak underlined that is fundamental to understand the businnes of tomorrow. As Coin Market Cap reports, in April, Sunak had unveiled plans to ensure that stablecoins would become a recognized form of payment in the U.K. with the Royal Mint set to produce a non-fungible token this summer. In that announcement, the then chancellor said. Sunak had been criticized for unveiling his crypto ambitions by a number of politicians in rival parties.

The political debate was on the choises of the finance minister. Instead of thinking about the crypto, some collegues thougt he had to pay attention to tackling spiraling inflation or maybe be concerned about the environmental impact of NFTs.

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