What is UK’s New Prime Minister Liz Truss’s Stance on Crypto?

Paigambar Mohan Raj
Source: Mint

Liz Struss has defeated pro-crypto candidate Rishi Sunak in the race to become the United Kingdom’s next Prime Minister (PM). Now Truss will be officially appointed as Prime Minister on Tuesday after ex-PM Boris Johnson announces his resignation to the Queen.

Sunak held the position of chancellor for the exchequer from February 2020 until July 2022. During his tenure, he was openly interested in crypto. Moreover, he announced ambitions to turn the UK into a crypto-friendly tech center in April of this year. Additionally, he stated that the Royal Mint would introduce an NFT this summer. Stablecoins can now be used in the UK as a recognized form of payment, thanks to his efforts to bring them under the legislation.

Will Prime Minister Truss support crypto?

Now many in the cryptocurrency community have expressed concern over Struss’s win over Sunak, given the commitment to make the UK a “crypto hub.” However, all hope is not lost, as Struss, herself seems to be quite a supporter of the emerging asset. Well, at least that’s what she said in the past.

In 2020, when Brexit was being finalized, Truss served as Trade Minister for the UK. During her tenure as Trade Minister, Truss stated that the UK could “create great opportunities in areas such as blockchain.” However, she did not use the term “crypto” during the statement.

Furthermore, in 2018, Truss tweeted that the UK should welcome cryptocurrencies.

Based on what we know from what was said in the past, Truss does seem to be a supporter of the emerging asset, That being said, Truss has not said anything in regards to cryptocurrencies or blockchain during her campaign. On the other hand, Sunak made it a central part of his run. Moreover, it is unlikely that Sunak will be a part of Truss’s cabinet.

The next chancellor of the exchequer that Truss appoints may have an effect on U.K. crypto regulations. The current secretary of state for business, energy, and industrial strategy, Kwasi Kwarteng, who backed Truss’s campaign for Prime Minister, could be named Finance Minister.

Nonetheless, Kwarteng mentioned blockchain as one of the seven technologies that will transform the UK’s economy. This should give some home to people who are worried about the new Government.