Home » Crypto Industry Hopes UK PM Rishi Sunak Will Keep Promise He Made As Pro-Crypto Chancellor

Crypto Industry Hopes UK PM Rishi Sunak Will Keep Promise He Made As Pro-Crypto Chancellor

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In April 2022, UK Finance Minister Rishi Sunak announced plans to make the UK a “global cryptocurrency technology hub”.

“We are working to make the UK a global crypto hub. We want to see the businesses of tomorrow and the jobs they create here in the UK,” he said in April 2022. rice field.

Now that he has been appointed Prime Minister of the United Kingdom, the crypto industry is excited about how he will shape the future of the island nation’s crypto industry.

Will Snack Drive the Crypto Train?

Two days after Sunak’s announcement as UK Prime Minister, Lisa Cameron of the Scottish National Party, who also chairs the Crypto and Digital Assets All Party Parliamentary Group (APPG), urged the UK government to clarify its commitments to cryptocurrencies. industry.

London-based Mehdi Sunderji, who has more than 20 years of experience in the investment industry, told Outlook Money that the UK may be a small fish in a big global pond, but regardless of current political events, “It still plays an important role,” he said. Thought leaders and influencers.

“He is already moving things along with UK MPs recognizing cryptocurrencies as a regulated financial instrument,” Sunderage says.

Additionally, the House of Commons, the lower house of the UK Parliament, voted in favor of designating cryptocurrency assets as regulated financial instruments and instruments on 25 October 2022.

“I don’t think it’s a coincidence that we saw a rise in crypto assets after this announcement (alongside a fall in the dollar index),” Sunderage adds.

“While it is impossible to predict the future, the appointment of Sunak as the new UK Prime Minister is seen as very positive for FinTech and the crypto industry,” said FinTech Advisor and “A Digital Tomorrow.” said Dr. Oriol Caudevilla, host and co-founder of . .”

How Will Rishi Sunak As UK Prime Minister Help Crypto Regulation?

Globally, including within G20 member groups, there is a great demand for systematic regulation of digital assets. The UK is also part of the G20 group and India is set to assume the presidency by the end of this year.

Industry experts believe Sunak will help them in their regulatory efforts.

“I think a snack drive would certainly help regulation. Chain strategist Sanjay Mendis said.

Cryptocurrency regulation calls for broad consultation and cooperation from all international bodies, including the G7, G20, Financial Stability Board, Financial Action Task Force (FATF), and International Monetary Fund (IMF), to halt regulatory arbitrage. I need it.

Sharat Chandra, co-founder of India Blockchain Forum, said:

Sunak’s commitment to CBDC

In 2021, Sunak will become a central bank digital currency (CBDCs ), or ‘Britcoin’, will impact the entire UK economy by 2025.

Notably, 19 out of 20 countries in the G20 group are considering CBDCs, and 16 are already at the development or pilot stage. This includes South Korea, Japan, India and Russia.

Each of these countries has made significant progress in the last six months, according to atlanticcouncil.org/cbdctracker.

Additionally, 105 countries representing over 95% of global GDP are exploring CBDCs.

Mr Sunderge said: For the most part, developing countries have historically adopted more currencies than the volatility of fiat currencies could handle. This would be a big plus for other developed countries. “

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