Rishi Sunak for PM: what will this mean for Crypto and the Metaverse?

After the sudden resignation from Liz Truss,’ Rishi Sunak will now be taking her place as Prime Minister, using Crypto to help fight the current economic crisis.

Sunak is a known crypto currency advocate and is passionate about ‘fixing’ the UK economy – if only it was that simple.

However, he does believe that the UK should create a crypto friendly environment that encourages firms to set up their bases, which could motivate and help to steer Britain in the right direction for economic freedom.

Will the UK become a crypto hub?

In April of this year, plans were put in place to make Britain a “global hub for crypto asset technology and investment”. – a decision influenced by Rishi himself.

A proposal was also made, stating that stable coins should become a recognised form of payment within the UK, and an NFT (non-fungible token) should be created.

Sunak previously said that these measures would “help to ensure firms can invest, innovate and scale up in this country.” It looks like his interest and ambition for crypto, alongside big crypto firms like Coinbase opening crypto policies could encourage more and more companies to follow suit and have long-term investment confidence.

Truss’ government made commitments to the crypto plans, but the resignation has delivered uncertainty around the subject.

The introduction of GBPT

In June, Tether announced the launch of GBPT, a pound-pegged stable coin for the UK market.

Whether you agree or not, the introduction of this could be attractive for some due to preventing harmful activity such as money laundering and terrorist financing, and fearful for others due to the unprecedented intrusion into the private financial lives of many.

Those that are worried about the negative effects of GBPT are equally concerned about the appointment of Rishi Sunak, as his influence could accelerate the use of digital assets in the UK.

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