Express
Boris Johnson's Resignation Could Pave the Way for Crypto in the UK
Summary: Boris Johnson announced he will resign as leader of the conservative party and eventually as the prime minister of the UK, potentially paving the way for cryptocurrency to flourish across the pond. Johnson will continue to serve as the prime minister “until a new leader is in place.” The timetable for the election of a ...
Boris Johnson announced he will resign as leader of the conservative party and eventually as the prime minister of the UK, potentially paving the way for cryptocurrency to flourish across the pond.
Johnson will continue to serve as the prime minister “until a new leader is in place.” The timetable for the election of a new leader will be announced next week. In all likelihood, the new leader should be appointed at the end of summer or into early fall.
One of the key favorites to replace Johnson is Rishi Sunak, former chancellor of the exchequer from February 2020 to July 2022. If Sunak replaces Johnson as the leader of the British government, it could be a good sign for crypto as Sunak is considered a champion for the crypto ecosystem in the UK.
In partnership with John Glen, member of parliament, Sunak proposed a plan to make the UK a global crypto hub in April of this year.
Prior to being the chancellor of the exchequer, Sunak served as chief secretary to the treasury, from July 2019 to February 2020, where the treasury supported bringing stablecoins under regulations and regonizing them as a form of payment in the UK. He also advocated for an FCA-led CryptoSpring.
In addition, Sunak planned to work with the Royal Mint on an NFT and has long supported creating legal status for decentralized autonomous organizations (DAOs). Despite the recent market crash, Sunak remains bullish on crypto and crypto’s future, recently moving forward with a new law that allowed everyday crypto payments.
When Sunak resigned from being the chancellor of the exchequer, it was a huge blow for cryptocurrency in the UK. However, that could all be erased if Sunak becomes the new leader of the conservative party and eventually replaces Johnson as the prime minister.
In addition to Sunak, Ben Wallace and Penny Mordaunt have similar odds from bookmakers to replace Johnson. Out of these two other options, crypto’s future in the UK lies best with Mordaunt, currently the international trade minister in the UK.
Johnson resignation comes as a result of mass resignations from the government amid a sexual assault scandal against a conservative lawmaker Chris Pincher. Since Tuesday, more than 50 members of Johnson’s government have resigned.
Author: Tyler Irvin
Tags: Boris Johnson,Crypto,Cryptocurrency,Stablecoins
Link: Boris Johnson's Resignation Could Pave the Way for Crypto in the UK [Copy]
