Will New UK Prime Minister Liz Truss Really Welcome Cryptocurrency?
Will New UK Prime Minister Liz Truss Really Welcome Cryptocurrency?
Liz Truss won the election to be the next prime minister of the U.K. Her Conservative Party won the elections with 57.4% of the vote as compared to former Chancellor of the Exchequer, Rishi Sunak’s 42.6%. Her election may have a huge impact on the future of crypto and digital assets for the U.K and maybe also the world.
Liz Truss: “We should welcome cryptocurrencies”
Boris Johnson, who has been the prime minister since 2019, will be replaced by Liz Truss. Truss has also been the Secretary of State for Foreign, Commonwealth and Development Affairs since 2021 and the Minister for Women and Equalities since 2019, serving under three prime ministers.
Related: What You Need To Know On The New Law On Digital Assets By UK Law Commision
An interesting fact about Liz Truss is, during her time in office, she believes that cryptocurrencies is an important part of the future. In 2018, she tweeted out “We should welcome cryptocurrencies in a way that doesn’t constrain their potential.”
When she was the Secretary of State for International Trade, she also launched a digital trade network in 2020 that promotes fintech firms, blockchain and other measures.
We should welcome #cryptocurrencies in a way that doesn't constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity. #PolicyExchange #futureoffreedom #shakeup
— Liz Truss (@trussliz) January 30, 2018
Related: All the Updates on Crypto Regulations in UK
Chair of Crypto and Digital Assets (DAAPPG) will be central to Truss’s leadership
Lisa Cameron, the MP for the Scottish National Party, Chair of the Crypto and Digital Assets All Party Parliamentary Group (DAAPPG), believes that fintech and crypto will be central to the leadership of Liz Truss’s term in office.
In an interview by AltFi, she said that, “my feeling is very positive. Truss is very much aware of how central fintech is to the UK and cities like London and Edinburgh”.
“She [Truss] will want to maximise the UK and its place in the world in terms of this sector’s development”, Cameron said.
Kwasi Kwarteng was appointed Chancellor of the Exchequer by incoming Prime Minister Liz Truss on 6 September 2022. In a report titled UK Innovation Strategy published in 2021 under Kwarteng’s leadership, blockchain solutions are considered part of the UK’s innovation programme.
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