Tuesday, April 23, 2024

Rishi Sunak Is New U.K. Prime Minister: What Next For Crypto?

As per the latest development, United Kingdom’s former Chancellor, Rishi Sunakhas just been appointed as the nation’s new prime minister, following Liz Truss’s contentious resignation.

In a video posted on Twitter, Rishi Sunak, the country’s newly elected prime minister, expressed his support for Central Bank Digital Currencies(CBDCs).

In a statement, Rishi stated that he was honored to launch a set of public policy principles for retail (CBDC) under the presidency of the United Kingdom, with support from the “group of the world’s most advanced economies,” the G7.

Prices for 10-year gilt yields rose after Rishi Sunak’s victory was declared. Also up by 0.9% was the value of the sterling.

Sunak was picked on Monday by his fellow Conservative Party members to succeed Truss, who served in the position for only 45 days before being forced to leave when her economic stimulus plan quickly came apart, creating political and economic upheaval.

The appointed prime minister shared that the government and banks across the globe are working coherently to understand what the practical implications of using digital currencies have in store. Including issues such as ensuring users’ money is safe and secure while being energy-efficient.

Although the UK government has not yet developed clear regulations for cryptocurrencies, numerous businesses are nonetheless eager to grow there. Financial Conduct Authority (FCA) official Sheldon Mills stated earlier this month that many crypto companies continue to reapply for licenses despite being denied at the outset.

It’s not surprising, according to Mills, that many crypto firms are still trying to obtain licenses in the U.K. even though several have already had their applications for licensing rejected. Simply put, Sunak’s initiatives are designed to guarantee that the UK’s financial sector benefits from cutting-edge technology, attract investments and jobs, and broaden consumer choice.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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