Rishi Sunak is a huge fan of cryptocurrencies, and his adoration for the industry could give it a boost in the United Kingdom.
Investors and firms in the United Kingdom are hopeful that new prime minister Rishi Sunak could turn Britain into a cryptocurrency hub.
The British economy has been suffering in recent months, leading to the resignation of Boris Johnson and Liz Truss within the space of a few weeks. With Sunak now at the helm, his primary concern is to steady the ship and ensure that the British economy bounces back as soon as possible.
However, crypto enthusiasts in the UK are hopeful that he would turn things around for the industry. While speaking to CNBC, Christian Faes, co-founder of digital lending startup LendInvest, said;
“The feeling among entrepreneurs is one of relief. There’s a feeling that we finally have someone sensible in Number 10 after the arrogance and incompetence of Liz Truss and [ex-Finance Minister] Kwasi Kwarteng almost crashed the U.K. economy. Rishi sees the opportunity and potential that crypto has, and wants the U.K. to be a leader in it.”Christian Faes, co-founder LendInvest
Sunak was a finance minister under Boris Johnson and also a former Goldman Sachs analyst. He has expressed a positive attitude toward cryptocurrencies on numerous occasions.
During his time as the finance minister in April this year, Sunak outlined a grand plan to make the country a global crypto hub. His plan included bringing stablecoins within the regulatory parameters while also empowering the Royal Mint, the official U.K. coin maker, to launch a nonfungible token.
While speaking at a reception organized by the venture capital firm Index Ventures in June, Sunak pointed out that he was determined to make the United Kingdom the jurisdiction of choice for crypto and blockchain technology.
However, with the current political instability in the UK in recent months, it remains unclear whether his cryptocurrency plans will take center stage. Regardless, cryptocurrency firms and investors are hopeful that Sunak will turn the UK into a cryptocurrency hub.