Former British Chancellor of the Exchequer Rishi Sunak and Foreign, Commonwealth and Development Secretary Liz Truss are the final candidates to be the next Prime Minister of the United Kingdom, and they have both previously expressed their pro-crypto views.
With Prime Minister Boris Johnson out of office, Sunak and Truss are vying to be the next leaders of the Conservative Party and country, and their views on digital assets could affect finance policy. Under Johnson, Sunak asked the country’s Royal Mint to create a non-fungible token as part of an effort to make the UK a global cryptocurrency hub.
Sunak, the MP who resigned from 2020 to July, has previously said the UK government will prioritise financial technology, including central bank digital currencies and stablecoins, in an effort to keep the country abreast of innovation. He also supports a number of proposed financial services reforms to promote the adoption of cryptocurrencies and stablecoins.
Truss, who has been foreign, federal and development minister since 2021 and women and equality minister since 2019 and has served under three prime ministers, called for anti-regulatory measures on cryptocurrencies in 2018 to help Britain embraces technology.During his tenure as international trade secretary, MPs launched a digital trade network in 2020 with measures including promoting fintech companies to “enable[d] Digitalisation and resilience in priority export markets. “
We should welcome #cryptocurrencies in a way that does not limit their potential. Liberate free enterprise zones by removing regulations that limit prosperity. #PolicyExchange #futureoffreedom #shakeup
— Liz for Leader (@trussliz) January 30, 2018
Related: Most UK cryptocurrency owners found to be hodlers: survey
Amid Johnson’s expected departure, UK policy decisions continue to move forward. Nadhim Zahawi, who replaced Sunak as finance minister, introduced a Financial Services and Markets Bill on July 20 that includes a regulatory framework for stablecoins. The House of Commons Finance Committee has also opened an inquiry allowing UK residents to write about the role of crypto assets in the country.
The Conservatives are expected to decide between Sunak and Truss by September 5, when Johnson will formally step down. A televised debate between the two candidates was interrupted on Tuesday when host Kate McCann fainted while it aired.