- Rishi Sunak has emerged as the next expected Prime Minister of the United Kingdom.
- Rishi Sunak appears to hold a positive view of crypto, blockchain, and distributed ledger technologies.
- While the path forward is not certain, his appointment could well lead to pro-crypto policy change in the U.K.
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Rishi Sunak’s appointment as the new British Prime Minister could benefit the U.K.’s burgeoning crypto industry.
The U.K. Gets a New PM
Rishi Sunak will become the U.K.’s next Prime Minister.
The news broke Monday after rival candidates Penny Mordaunt and former Prime Minister Boris Johnson dropped out of the Conservative Party leadership election, making Sunak the de facto winner.
Following the resignation of the previous Prime Minister, Liz Truss, on October 20, the ruling Conservative Party started the process of electing a new leader and Prime Minister. Truss, who took over from Boris Johnson on September 5, was pressured to resign after only 44 days in office. Her economic “mini-budget” plans which included substantial tax breaks for top earners, drew heavy criticism from both the general public and members of her own cabinet.
Sunak will inherit the U.K. premiership at a turbulent time. Throughout 2022, rising inflation has put a strain on the global economy. In the U.K., the Consumer Price Index registered a 10.1% year-over-year increase in September, revisiting its July highs and indicating that inflation will likely stay high for longer. Energy supply issues caused by the Russian invasion of Ukraine have only exacerbated the U.K.’s economic woes, resulting in domestic energy bills rising another 80% at the start of October.
How Sunak will deal with the U.K.’s pressing economic issues is still unknown. The new Prime Minister is yet to form a cabinet or present any policy plans to the general public. However, while Sunak’s economic strategy is still under wraps, his appointment may mark a continuation of several pro-crypto policy decisions made during his tenure as Chancellor of the Exchequer between 2020 and 2022.
Sunak’s Crypto Stance
Rishi Sunak appears to hold a positive view of crypto, blockchain, and distributed ledger technologies.
While acting as the Chancellor of the Exchequer in April 2021, Sunak proposed that HM Treasury and the Bank of England put together a task force to explore the creation of a central bank digital currency. CBDCs, as they are more commonly known, are…