Key points:

  • Rishi Sunak was appointed as Prime Minister of the United Kingdom this week. Crypto experts have embraced his appointment, calling it a potential game changer for UK’s crypto market.
  • Sunak’s appointment could revive UK’s crypto ecosystem and also open up new opportunities.
  • Crypto experts, analysts, and enthusiasts are pinning their hopes on pro-crypto Sunak to take the crypto sector to the next level in the United Kingdom.

In just over 45 days, the United Kingdom has a new Prime Minister. An Indian-origin, pro-crypto Rishi Sunak, was appointed as the Prime Minister of the UK this week. But, what could his appointment mean for UK’s crypto sector?

YOU MAY ALSO LIKE: Was Queen Elizabeth II Britain’s first high-tech monarch?

Why are crypto analysts hopeful after Sunak’s appointment?

Rishi Sunak is a big fan and also a former practitioner of cryptocurrency. In addition, it is not a secret that Sunak, in his previous role as UK’s finance minister found new ways to integrate digital currencies into the economy. Besides, Sunak was particularly interested in stablecoins, which are deemed as one of the least volatile coins in the crypto ecosystem.

Further, Sunak has also flirted to create a central bank digital currency. The idea did not take off which is why people in the UK cannot pay for food, rent, and other products with crypto.

Multiple crypto analysts have identified a few areas where Sunak could potentially improve UK’s position as a hub for cryptocurrencies, distributed ledger technology, and digital assets.

Blast from the past – Sunak’s views on crypto

In April this year, Rishi Sunak laid out a concrete plan to transform the United Kingdom into what he called a “global crypto asset technology hub”. Sunak, along with John Glen, ex-Economic Secretary to the Treasury had planned a detailed roadmap for UK’s crypto future. It included creating new regulations for a “financial market infrastructure sandbox” that can support the innovation of crypto-firms.

As chancellor, he supervised a “CryptoSprint” organised by the Financial Conduct Authority to promote distributed ledger technology (DLT) innovation in the UK.

The UK government had stated that it proposes to initiate a research programme to examine the viability and advantages of adopting DLT for sovereign debt instruments under Sunak’s fiscal management.

This also involved examining the different methods involved to make the UK tax structure more competitive to encourage the growth of the crypto asset market in the UK. Lastly, Sunak also asked the Royal Mint to create a non-fungible token (NFT) in the UK, intending to issue tokens by summer.

Pro-cryptos Sunak’s moving to 10 Downing Street could be a major win for the crypto sector in the UK. Sunak’s appointment as the PM, who has a history in banking, is beneficial for cryptocurrencies in the UK even from the regulatory standpoint.

YOU MAY ALSO LIKE: Big plans of UK-based fintech Revolut revealed here

For the latest tech-related news and events in the UK, continue reading iTMunch!

Feature Image Source: Image by Ministry of Housing, Communities and Local Govt used under the license Attribution-NoDerivs 2.0 Generic (CC BY-ND 2.0)