What New UK Prime Minister Liz Truss Says About Cryptocurrencies – Regulation Bitcoin News

Liz Truss, Britain’s new prime minister, previously said: “We should welcome cryptocurrencies in a way that doesn’t constrain their potential.” Truss beat former Chancellor of the Exchequer Rishi Sunak, who had a plan to make the U.K. a crypto-friendly nation.

Liz Truss Becomes Britain’s New Prime Minister

Liz Truss, former Chancellor at the Exchequer Rishi Sonak has been defeated to win the race for the U.K. Prime Minister. Boris Johnson will take over as Foreign Minister after the Conservative Party has elected him to lead their party.

Johnson will fly to Scotland Tuesday afternoon to give his resignation. The queen will then appoint Truss as Britain’s new prime minister. Johnson, who had been embroiled in scandal for months, resigned on July 7.

Truss, 47, has promised to act quickly to tackle Britain’s cost of living crisis. According to Truss, she promised that within one week she would have a plan in place to combat rising energy costs and ensure future fuel supply. “I will take bold action to get all of us through these tough times, grow our economy, and unleash the United Kingdom’s potential,” Truss tweeted Monday.

Other than a January 2018 tweet, the new British prime minister has not spoken much about crypto. Truss wrote: “We should welcome cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity.”

Sunak was, however, the one who had opened the door for the U.K.’s transformation into a global crypto-hub. He and Economic Secretary to the Treasury John Glen were the architects of a comprehensive and detailed plan to strengthen Britain’s image as a hospitable place for crypto. However, both Sunak and Glen quit Johnson’s government in July.

Sunak said in April: “It’s my ambition to make the U.K. a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.” His colleague, Glen, similarly said:

We want this country to be a global hub — the very best place in the world to start and scale crypto-companies.

In May, the U.K. government outlined its plans to support crypto adoption in the Queen’s speech, delivered by Prince Charles. In addition, the British government affirmed their commitment to stablecoin regulation. Representatives of the U.K. government and those from the U.S. debated a broader regulation for crypto. A statutory, independent British body called the British Law Commission made proposals in July to amend laws related to digital assets.

As the prime minister of Britain, Truss faces a host of problems amid rising inflation. Recent data from the International Monetary Fund (IMF) showed that India had surpassed the U.K. and become the world’s fifth largest economy.

Is Liz Truss the right person to lead Britain’s transition into a crypto friendly nation? Leave your comments below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.

Credits for the imageShutterstock. Pixabay. Wiki Commons

DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.

Get more Crypto News at CFX Magazine