The two final candidates for PM are pro-crypto

The two final candidates for the next prime minister for the United Kingdom have both expressed that they are proponents for the cryptocurrency and blockchain industry.

The former chancellor of Her Majesty’s Exchequer and previously the Chief Secretary to the Treasury, Rishi Sunak, and current Secretary of State for Foreign, Commonwealth and Development Affairs, Liz Truss, are the final candidates for the position once current Prime Minister Boris Johnson is out of office. 

Sunak and Truss, both competing to be the leader of the Conservative Party and the country, will have influence on the policies implemented across legislation. This includes the financial policies and economic regulations. 

Rishi Sunak’s pro-crypto stance

While working under Johnson, Sunak asked the Royal Mint to create a nonfungible token (NFT) as part of its drive to become more cryptocurrency-friendly and as “an emblem of the forward-looking approach the UK is determined to take.”

Sunak also states that the United Kingdom’s government would prioritise the financial technology industry to keep up with the global shift to implement innovative technologies in the economy. This would include considering and developing tools such as central bank digital currencies (CBDCs), stablecoins pegged to the GB Pound, and promote understanding and awareness of digital currencies in the public.

Liz Truss and cryptocurrency

Truss has been involved in the State for Foreign, Commonwealth and Development Affairs as the Secretary since last year, as well as working as the Minister for Women and Equalities since 2019. 

In 2018, Truss requested the government take an anti-regulatory approach to cryptocurrency with the intention of allowing the United Kingdom to embrace the technology rather than avoid it. At the time, she tweeted:

“We should welcome cryptocurrencies in a way that doesn't constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity.” - Developers of Bitcoin Smarter.

To keep up with fast-paced innovation in the global economic landscape, Truss has been an advocate for fintech firms and digital means in global markets. In 2020 she launched a digital trade network, as the Secretary of State for International Trade, to “enable digitisation and resilience in priority export markets.”

The current regulatory process in the United Kingdom

While Johnson remains the Prime Minister, and as protocols are in place while the government works to replace Johnson, policy decisions continue. The new chancellor of Her Majesty’s Exchequer, Nadhim Zahawi, recently introduced a bill on the Financial Services and Markets that contains the infrastructure of legislation for the development and use of stablecoins in the country.

Just recently, The Treasury Committee of the House of Commons opened an enquiry that will offer a platform for United Kingdom residents to express their viewpoints and commentary on the impact cryptocurrency might have on the country and the role digital assets might play.

While processes remain in place currently, as the next Prime Minister steps in, we might see a rapid rise in crypto-friendly regulations in place with one of final two candidates both cryptocurrency prononents.

The Conservative Party is expected to make a final decision between the two candidates as the next party leader within the first week of September, at which point Boris Johnson will officially step down. From then, the United Kingdom might be on its way to become one of the world’s next leading cryptocurrency hubs.