Within the next few hours, Rishi Sunak (1) will take office as prime minister of the United Kingdom. Liz Truss beat Sunak for the top government position on September 5 (2), but she resigned after serving in the position for 45 days. Sunak's appointment to the position is positive news for the cryptocurrency business based on the signs.
Sunak consistently expressed his support for cryptocurrency and, in April, advocated regulatory reform linked to stablecoins while serving as the chancellor of the exchequer, or head of treasury, from early 2020 until July 5, when he resigned after a scandal that rocked Boris Johnson's administration.
The measures suggested will help businesses invest in, innovate, and build up the country since, as he stated, it is his goal to make the U.K. a global leader in crypto-asset technology. This is another step in the strategy to keep the UK financial services sector at the cutting edge of innovation and technology.
In addition to praising the central bank's digital currency, Sunak ordered the Royal Mint to produce a non-fungible token (NFT) before the end of the year as a symbol of the progressive stance the UK is adamant about adopting (3).
The Financial Services and Markets Bill, which is currently making its way through Parliament and is intended to provide a regulatory framework for stablecoins and crypto assets, was also written under his supervision.
Sunak made history for several reasons, the first being that he is the youngest prime minister in modern British history. By comparison, Tony Blair and David Cameron were both 43 when they took office.
The combined wealth of Sunak and his wife is 730 million pounds, making him the richest British prime minister to assume office (4). He has also called for cooperation in the face of a "deep economic problem."
Sunak won the Tory leadership race when Penny Mordaunt could not get enough support from MPs. In his inaugural speech, he declared that uniting his party and the UK would be his "utmost priority." A practicing Hindu named Sunak is anticipated to assume the position after being formally nominated by the King.
Liz Truss, the outgoing prime minister, will deliver a statement outside No. 10 after presiding over her final cabinet meeting at 9:00 BST. She will then proceed to Buckingham Palace for her final visit with the King. The next step will be Sunak's first meeting with the king, where he will be invited to form a government.
At around 11:35 BST, he will proceed to Downing Street to announce going inside No 10. According to the White House Press Secretary, (5) President Joe Biden has also stated that after he meets with the King, he intends to phone the incoming Prime Minister of the United Kingdom, Rishi Sunak, to extend his congratulations.