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Monday, March 27, 2023

New UK Prime Minister Liz Truss Might Be Open To Crypto

New UK Prime Minister Liz Truss Might Be Open To Crypto – In the contest to become the next prime minister of the United Kingdom, Liz Truss defeated former Chancellor of the Exchequer Rishi Sunak. The Foreign Minister will succeed Boris Johnson as the leader of the Conservative Party.

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Johnson will travel to Scotland to present his resignation to Queen Elizabeth formally. The new prime minister of Great Britain will thereafter be appointed  by the queen: Truss. Following several months of scandal, Johnson made his resignation public in July.

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Truss, 47, has promised to act quickly to tackle Britain’s cost of living crisis. She also said that she will come up with a plan within a week to fight rising energy bills and secure future fuel supplies. “I will take bold action to get all of us through these tough times, grow our economy, and unleash the United Kingdom’s potential,” Truss tweeted Monday.

The incoming British prime minister has not said much about crypto except for a tweet she made in January 2018. Truss wrote: “We should welcome cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity.”

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In contrast, Sunak had paved the way for the U.K. to become a crypto hub. He and Economic Secretary to the Treasury John Glen were the architects of a comprehensive and detailed plan to strengthen Britain’s image as a hospitable place for crypto. However, both Sunak and Glen quit Johnson’s government in July.

Sunak said in April: “It’s my ambition to make the U.K. a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.” His colleague, Glen, similarly said: “We want this country to be a global hub — the very best place in the world to start and scale crypto-companies.”

In the Queen’s Speech, delivered by Prince Charles in May, the British government laid out its strategies for encouraging the adoption of cryptocurrencies. Additionally, the British government reaffirmed its commitment to stablecoin regulation. U.S. and U.K. government representatives discussed broader crypto regulation in July.

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New UK Prime Minister Liz Truss Might Be Open To Crypto – The British Law Commission, a legally mandated independent agency, released reform recommendations for the rules governing digital assets the same month. As the new prime minister of Britain in the midst of rising inflation, Truss will face a variety of difficulties. According to recent International Monetary Fund (IMF) data, India has surpassed the United Kingdom to take over as the fifth-largest economy in the world

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