Rishi Sunak, who led the U.K.’s cryptocurrency ambitions in the last few years as the finance minister, has been selected to become the next premier following Liz Truss’ controversial exit from office last week.
Sunak was picked by co-workers Conservative Party members on Monday to succeed Truss, who had been only in office for 45 days before being forced to quit because her plan to boost the economy swiftly collapsed, causing economic and political turmoil.
In his role as the finance minister under the former prime minister Boris Johnson, Sunak announced his intention to transform his country U.K. into a cryptocurrency hub. He was instrumental in introducing legislation known as the Financial Services and Markets Bill that, if passed in law, will provide local regulators with a wide range of power over the crypto sector and begin by bringing stablecoins tied to assets into the payment regulations. Under his direction, the nation’s biggest coin maker, The Royal Mint, was tasked with establishing the non-fungible token (NFT) collection yet to come to the point.
Truss’ government had stated the government’s support for Sunak’s crypto-related plans. However, her departure could disrupt the system once more. The crypto industry in the local area was in constant contact with Sunak regarding crypto policies during his time as Finance Minister and is set to be ecstatic about his selection as the chief of the state government.
Adam Jackson, director of policy at Innovate Finance, a U.K. technology industry body promoting cryptocurrency, described his former minister of finance as a “champion for fintech.”