Social media was abuzz on Thursday with the tumultuous news of British PM Boris Johnson’s resignation. The news has also raised some questions in the minds of UK’s crypto enthusiasts as to what the future of crypto under Johnson’s successor will look like. So far, the crypto atmosphere of the country has been favorable under his administration which officially announced itself as crypto-friendly. His withdrawal has left the nation’s crypto users waiting for answers whether the next PM’s government is going to be supportive of cryptocurrencies and Web3-positive agendas.
His resignation comes as the aftermath of the Partygate scandal that has been haunting him for months. It was exacerbated by a slew of untimely exits from his own party members who were caught on the web of controversies, including one for sexual misconduct. His party will now take the time to reconvene and select a new member who will contest to become the next PM. Hopefully, some candidates hoping to fill his position would step up to offer some clarity on their stance towards Web3. But no one has spoken out so far. Presently, his departure is bound to put a pause on most of UK’s crypto plans and policies, a huge share of which focus majorly on the rules surrounding Stablecoin.
UK’s Crypto Future Up In The Air
Johnson who became Prime Minister in 2019 formed a government that was open-minded towards crypto technologies. It welcomed crypto companies with pro-crypto legal frameworks while also addressing and mitigating against the potential risks of cryptocurrencies. Unlike most governments in the world who are seeking a hardcore conservative crackdown on the progress of crypto, Johnson’s government was applauded for striking the balance between both. On one hand for example, many crypto firms were prohibited from posting advertisements for cryptocurrencies in public-frequented places stating that they were potentially misleading audiences about the uncertain market conditions.
On the other hand, his administration made efforts to make stablecoins become a government-supported mainstream mode of transaction which was widely lauded by the crypto community. They built a legislative ambience that didn’t hinder crypto while also ensuring checks to prevent pitfalls such as tax evasion and finance-based terrorism.
Uncertainties brew on the horizon of UK’s crypto climate about what the next government is going to do with the crypto-nurturing rules put in place by the previous one. The crypto industry which was just beginning to hail Johnson now waits for directions about its future.