The cryptocurrency firms of the United Kingdom have high hopes that the new PM of the U.K., Rishi, who loves to invest in crypto, could turn the table for fading cryptocurrencies in Britain. Britain has witnessed a significant decline in cryptocurrency over the past few years. So, investors have a big hope that Rishi will help re-establish Britain’s declining crypto rate.
Before becoming the new leader of the United Kingdom, Rishi Sunak worked as finance minister under the government of former Prime Minister of the UK, Boris Johnson. There are many policies the new U.K. leader needs to change, especially the declining economy of Britain that was wreaked by the predecessor Truss. Although crypto is not that high on the priority list of U.K. leaders, the crypto industry believes there is a reason behind optimism. So let’s see what all Rishi Sunak has to do with the falling crypto industry in the U.K.
Finally, the U.K. Gets its New PM!
The big news is that Rishi Sunak is the new Prime Minister of the United Kingdom. The news came out when the rival candidates of Rishi, Penny Mordaunt and Boris Johnson, the former Prime Minister of Britain, dropped out their names from the conservative party’s leadership before the elections.
After Boris Johnson left, the leadership of Britain’s list rose, and he took the opportunity to become the next Prime Minister. On the 5th of September 2022, Truss took over the place of Boris Johnson, becoming the next U.K. Prime Minister. However, her party didn’t survive even for one year due to her poor policies related to the country’s economy. It resulted in the resignation of Liz Truss from the position of PM of the U.K.
Liz’s “mini-budget” plan for the economy of Britain included a substantial tax which turned into heavy criticism by the member of the cabinet and even the general people of Britain. None of them was happy with the policies of Liz Truss. Following her resignation, the election Commission again started the election process, but the rivals of Rishi withdrew their names from the election. It resulted in Sonic becoming the new winner of the U.K.
However, one question still in people’s minds is how Rishi will deal with the falling economic problems of the country. Sunak has yet to decide who will be part of his cabinet and has yet to issue any policy plans. However, it’s just the beginning. After some time, some plans will unfold. However, the economic strategies of Sunak have yet to be revealed, but people still feel that there might be something big coming for the crypto industry. He was the former chancellor of the exchequer from 2020 to 2022.
Is the crypto industry in the U.K. disorganised?
When Rishi was not the P.M. of the U.K., the position of the crypto market was waning. Recently a survey was conducted, which included 300 fintech founders in Britain. Of these, 9% believe that the crypto industry has been leading. At the same time, 20% believed there are better places for starting a crypto firm than the U.K.
People have criticised the financial authority for not approving licenses to the crypto industries. Still, the U.K. has many active crypto industries. The U.K. has not flourished just like the Germans in terms of crypto. Cryptocurrency may be a strategy for Britain to increase its prospects as it seeks to compete with other European financial hubs following Brexit, according to sources in the sector.
Rishi’s Crypto Stance
Rishi Sunak has a positive view towards blockchain, crypto and ledger technologies. Rishi was elected by fellow members of the conservative party, replacing the government of Liz Truss. Who took the position of U.K. leader only for 45 days after she forced resignation due to the economic plans, which were quickly unravelled by her cabinet members, which led to economic and political instability.
When Rishi was under the government of former Prime Minister of Britain Boris Johnson, he took the position of finance minister. Rishi announced that he wanted to turn Britain into a hub for crypto industries. At that time, he helped a lot with market bills and financial services. If the laws are passed, it might give regulators too broad power in the crypto world.
Rishi Sunak: New Hope for Millions of Crypto Owners
The U.K. has seen significant growth in crypto adoption in the last few months. In 2018, over 1.5 million people were cryptocurrency owners, which increased in the year 2021 by 650%. That means now over 10 Million people hold cryptocurrencies. If we talk about the active users of all the services provided by the crypto platform, almost 1,00,000 users are for Coin-base. Apart from this, eToro and Binance were found to be the top-performing firms in the United Kingdom. Below is the list of top digital currencies that asset class holders of the U.K. own.
- Bitcoin – 42.8%
- Ethereum – 32.9%
- Ripple – 17.4
- Dogecoin – 16.9%
- Solana – 15.1%
In we look at the ownership of Bitcoin, the region is ranked 11th out of 27 countries. The 3.3 million people who own Bitcoin in the United Kingdom will undoubtedly follow Sunak’s intentions and initiatives to make their country a centre for cryptocurrency-related technologies.
The U.K. is going in the right direction.
The U.K. has been ranked among the top-performing country in terms of the cryptocurrency transaction value. In 2021, the transaction value, which involves all the digital currencies of the country, was found to be approximately €123 billion. It surpasses other countries in crypto transactions, including France, Netherlands and Germany. There are many observations regarding the owner of Bitcoin.
The owner of Bitcoin is going into trading instead of holding the bitcoins. That means the U.K. is witnessing high activity of transactions due to the release of Bitcoin. The U.K. is already on the edge of becoming the central crypto hub. It will be possible under the leadership of Rishi Sunak. The Government of Britain has prepared some plans for the crypto industry, especially in making countries very on the stablecoin, which will be represented as a legal mode of payment for purchasing any reasonable service good within the country.
Big Plans for Crypto!
As the new Prime Minister of Britain, Rishi has something big for the crypto industry. He has proposed two big plans to bring the crypto firms at higher rates in the market. First is the introduction of stablecoins for payment regulations. Apart from this, the country’s coin producer, Royal Mint, will create NFT collections that are non-fundable tokens. It will stabilise the market of crypto.
In April, Rishi’s maiden announcement of creating specific plans will turn Britain into the global crypto asset hub. Different initiatives were taken at that time, which included the integration of stable, which will serve as the national payment method. So that people in the U.K. can use it anytime as a form of money. Already the government took more interest in making stablecoins than the other modes of crypto, which included Tether and Terra.
Apart from this, there are many big plans for the crypto industry, including adding regulations that everyone should follow. It will help incorporate crypto, which is there in the U.K. So, the U.K. government will incorporate the cryptocurrency into the legal framework and economy of the U.K.
Final Thoughts
Rishi Sunak took over the place of Liz Truss to become the new P.M. of the United Kingdom. Rishi has been a big part of the crypto industry as he has served as Britain’s finance minister under the government of former P.M. Borris Johnson. Many crypto industries are keeping an eye on Rishi as he promised to bring significant changes in the crypto firm of the U.K.
