Rishi Sunak has been confirmed as the new Prime Minister of the United Kingdom following the resignation of Liz Truss, who had won the post in September.
Rishi Sunak's arrival as UK Prime Minister could prove beneficial for cryptocurrencies. During his tenure as UK Chancellor of the Exchequer, Sunak was a vocal supporter of crypto assets, supporting the development of this industry with a series of projects that promised to make the country a world-renowned technology hub.
In April this year, Sunak had proposed regulating cryptocurrencies in the UK to stimulate their development and growth.
Sunak presented a regulatory proposal for Legalize stablecoins as a means of payment in the country. That same month, he even ordered the British Royal Mint to mint a NFT tokens, as part of its strategy to integrate new technologies and advance innovation.
Now, in his new role as Prime Minister, elected on Monday, Sunak could turn the UK into a global crypto hub.
It may interest you: Why does the UK want to mint an NFT?
Are cryptocurrencies still in Sunak's plans?
The UK is currently going through a difficult political and economic time. As CoinDesk reports, uncertainty and instability have gripped the country after former Prime Minister Liz Truss' plans to revive the British economy quickly fell apart.
However, although Sunak has not mentioned cryptocurrencies recently, he has said that regulating them could contribute to the UK's economic stability.
In April, when sharing his ambitions to boost the development of the crypto industry, Sunak said stablecoins could help the country build a faster and more efficient payment system. He also said cryptocurrencies could attract new capital and accelerate the creation of new jobs, helping the economy to expand again.
The United Kingdom had also announced plans to experiment with blockchain technology to optimize its financial markets. Specifically, earlier in June, the country had announced that it could use blockchain to improve the performance of operations and procedures within traditional financial markets.
It now remains to be seen whether Sunak will be willing to follow through with his plans to make the UK a global innovation hub for cryptocurrencies.
According to the Coincub platform ranking, the United Kingdom currently occupies the 19st place among the countries most favorable to the development of the crypto economy.
Continue reading: Blockchain will help the UK optimize its financial markets
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