Home » UK Prime Minister Rishi Sunak’s win was a victory for crypto

UK Prime Minister Rishi Sunak’s win was a victory for crypto

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A former investment banker turned astute politician, Rishi Sunak has built an incredible career in a short space of time. At just 42 years old, he served as a Member of Parliament, Secretary of the Treasury and Treasurer.and now he begin one’s term as prime minister.

As Britain’s youngest prime minister in over 200 years, Sunak has one more thing in common with his millennial colleagues. He is a cryptocurrency enthusiast. In fact, as a recent Bank of America study found, “young investors choose to allocate significantly more of their portfolios to cryptocurrencies than older investors.” Additionally, those in the age group of 21 to his 42 are “more likely to see cryptocurrencies as offering the greatest growth opportunity,” allocating an average of 15% of their portfolio to cryptocurrency investments. .

The difference, of course, is that Sunak isn’t hogging the cryptocurrency’s weaknesses.Unlike many of his peers, he actually We can move the industry forward in a whole new and exciting way. He can propose laws, issue regulations, and push new ideas. He can pave the way for his Web2 migration to Web3. It is primarily built on technologies such as cryptocurrencies, but also includes non-fungible tokens (NFTs), blockchains, artificial intelligence, the emergence of the Metaverse, and more. Coming soon from the UK he Web3 hub.

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Make no mistake, this is not pure speculation. he himself says so.

“It is my ambition to make the UK a global hub for cryptocurrency technology,” said Treasurer, emphasizing the need to “enable businesses to invest, innovate and scale in the country.” Did.

The Stanford graduate, who served as Minister of Finance during the time of former Prime Minister Boris Johnson, has launched several crypto-related initiatives as part of an overall agenda aimed at normalizing and advancing the UK crypto ecosystem. pushed forward.

2020, Snack announced his intentions Prioritize financial technologies such as central bank digital currencies (CBDC) and stablecoins to help the country keep up with the times, or his words“Ensuring the UK financial services industry remains at the forefront of technology and innovation.”

In 2021 he will identified the need He praised the pioneering reforms “to support the secure adoption of cryptoassets and stablecoins” and went so far as to suggest that the Bank of England explore the potential of a CBDC. Just this spring, he ordered the Royal Mint to launch his government-backed NFT, which aims to showcase the 1,136-year-old Mint’s “forward-looking approach”. introduced Legislation to “allow stablecoins to be recognized as a valid payment method in the UK”.

He also, perhaps most importantly, helped formulate the Financial Services and Markets Bill. progressed from this monthThe proposed bill, which proposes “a series of measures to maintain and strengthen the UK’s position as a global leader in financial services”, will focus on more explicit work on technologies such as cryptocurrencies and blockchain. It’s the first step towards, and the crucial one. Allow them to develop further and strengthen their retention.

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If you guess what the prime minister’s first steps will be in the coming months, crypto regulation will be a good one. safety, bet. “By regulating it effectively,” says Sunak. [the businesses of tomorrow] It’s the confidence you need to think and invest for the long term. ”

immediately after Final approval by the Commission of the European Parliament Markets in Crypto-Assets framework and white house publication What it described as “the first-ever comprehensive framework for the responsible development of digital assets”, and seeing the UK soon follow is a really great sign for the industry as a whole. may see an entirely different world of cryptocurrency landscapes. It is higher, more regulated, wider and more expanded. And it can only be positive.

It will be interesting to see how Britain’s youngest prime minister in history handles the ‘youngest’ innovation of our time. I wish him luck, bull markets, and long road ahead. Hold on, Rishi.

Lars Thayer Christensen Founder and Chairman of Concordium, a layer 1 blockchain.

This article is for general information purposes and is not intended, and should not be construed as legal or investment advice. The views, thoughts and opinions expressed herein are those of the author and do not necessarily reflect or represent the views or opinions of Cointelegraph.

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