Oct 25, 2022 04:15
Rishi Sunak, a well-known crypto bull and former UK Finance Minister, may soon succeed Liz Truss as the country's leader.
Only Sunak received endorsements from more than 100 legislators. Because he was the only MP qualified to run, he automatically won the election.
Graham Brady, a party official, declared, "I can confirm that we have received one valid nomination, and Rishi Sunak is therefore elected as leader of the Conservative Party,"
Sunak is the third prime minister in the last 7 weeks...
The first had resigned due to controversy. then in just 45 days after taking office, departing Liz Truss was removed from her leadership post following the swift failure of her ambitious plan to lower taxes on the country's richest earners.
Instead of improve the economy, it got worse fast - mortgage rates skyrocketed and the pound fell sharply, making her unpopular with the vast majority of Britons.
It's fair to say Sunak has a huge challenge ahead, and a large mess to clean up.
He's made his stance on crypto crystal-clear...
Rishi, who is only 42 years old, belongs to the first generation to have grown with the internet, and is generally more comfortable with new technologies.
Just months ago in to his prior position as chancellor of the Exchequer (or Head of the Treasury) Sunak said, "It’s my ambition to make the UK a global hub for crypto asset technology"
He elaborated in a press release from his office on the topic of crypto, which said "the government can ensure financial stability and high regulatory standards so that these new technologies can ultimately be used both reliably and safely".
He thinks stablecoins ought to be a "recognized form of payment" since they might provide consumers a "more efficient" way to pay.
Sunak takes office tomorrow, Tuesday, October 25.
This is the most powerful government position a known crypto supporter has held.
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Author: Mark Pippen
London News Desk
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