Sunak and crypto: two good friends

Sunak and crypto: two good friends 

30 October 2022

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WHO IS RISHI SUNAK?

In October 2022, Rishi Sunak became Prime Minister of the United Kingdom.

He’s a British politician and financier, leader of the Conservative Party. 

Before became Prime Minister, he served as chancellor of the Exchequer. 

SUNAK IS DELAYING MAJOR ECONOMIC PLAN

Prime Minister Sunak, announced that he will set back the major economic plan due to make right decisions. 

Sunak will need to find a balance between meeting the market’s demand for strict fiscal discipline without laying economic pain. 

British economy is in a slow down period.: a high inflation suffocates people spending. 

Mr. Hunt - at the Treasury - asked every government departments to plan a new strategy to save money. 

A CRYPTO PLAN

Sunak announced that he want to switch U.K. into a crypto hub. 

“We want to see the businesses of tomorrow  and the jobs they create. By regulating we can give them the confidence they need to think and invest long-term”. Sunak’s words. 

The Prime Minister is a certified Crypto Bro™️ who once requested that the Royal Mint issue an NFT. 

Recently Sunk studied the potential benefits of creating a Central Bank Digital Currency: payments will be faster, cheaper and more secure. 

Binance’s founder - the world’s largest crypto exchange - wrote in a tweet: “He just demonstrated a small setback often leads to big wins in the long run. Hoping for big things in UK.”

After tweet, the global crypto market cap has been up by 1,8%. Bitcoin and Ethereum surged by 1% and 4% in the last 24 hours. 

Trade’s expectations are high: Sunak’s arrival as new PM hope to bring much-needed change to cryptocurrencies. 

An important step for Sunak’s policy is to establish a Cryptoasset Engagement Group which work closely with the industry. This Group will study how increase U.K.’s tax system competitiveness to encourage development of the crypto market. 

Ways that PM have to follow are made to balance stablecoins and make them safely. 

An important subject is the Financial Services and Markets Bill would give directions to manage cryptocurrencies. The bill now is under review. 

"It's a positive for crypto and the general economy," Ian Taylor, director of the industry lobby group CryptoUK. 

SOURCE: CoinDesk 

READ HOW TO RECOGNIZE A VALID CRYPTOCURRENCY…  

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