According to the BBC, Boris Johnson is preparing to step down as leader of the Conservative Party. Johnson is expected to step down as Prime Minister in October. This resignation bitcoin and crypto coins Wondering how it will affect.
According to Time, Rishi Sunak, who served as Finance Minister during Johnson’s term, is favored as the next British prime minister to replace Johnson. If Sunak does indeed become the leader of the British Government, this could be good news for the UK crypto ecosystem.
Johnson’s resignation came as a result of mass resignations from the government following allegations of sexual assault against conservative MP Chris Pincher.
How Rishi Sunak Is A Candidate For The UK Cryptocurrency Industry?
Rishi Sunak is seen as a supporter of the cryptocurrency ecosystem in the UK. Along with Treasury Undersecretary of Economics John Glen, Sunak has outlined some plans to make the UK the crypto hub of the world. Under Sunak, the Treasury supported the regulation of stablecoins, making them a recognized form of payment in the UK. Sunak also strove for an FCA-led initiative called ‘CryptoSprint’.
He was also planning to work on an NFT with the Altar Royal Mint. Altar also supported the establishment of legal status for DAOs or decentralized autonomous entities. Recently, Sunak dismissed the Bank of England’s concerns about the stability of crypto payment technology. Sunak also decided to move forward with a new law that allows the use of crypto for casual payments.
Sunak’s resignation as Chancellor was seen as a serious blow to the UK’s crypto ambitions. CryptoUK chief Ian Taylor believes the UK crypto industry is back to ground zero. But if Sunak succeeds Boris Johnson as Prime Minister, the crypto ecosystem in the UK could regain strength.
*Not investment advice.