The new British PM is known. What can the British cryptocurrency market expect?
Liz Truss has become the new British Prime Minister. Her attitude toward blockchain technology and new restrictions on British crypto exchanges regarding Russia’s invasion of Ukraine.
With a 20,000-vote margin, the head of the Conservative Party, Liz Truss, has become the new Prime Minister of Great Britain. After serving as Foreign Secretary for 12 months, she has a wealth of political experience and the country’s top diplomat title.
This is the third time in British history that a woman holds such a position. Despite this, the prognosis for the future development of the United Kingdom and world politics, generally, is very favorable. With her recent remarks and victory speech, Truss firmly outlined her plans to improve the country’s economy and declared a strong alliance with Ukraine. Since Russia invaded Ukraine, Britain has shown itself to be a staunch opponent of Putin’s regime, and that attitude is not expected to change.
As prime minister, I will be a staunch ally of Ukraine. Following Boris Johnson’s footsteps, I will do everything to defeat Putin and destroy all his evil plans strategically. I will make sure that Russia is limited in every way possible in the future, – Truss said.
Vladimir Zelensky and Liz Truss at UN Climate Change Conference 2021
The new British prime minister also responded positively to the introduction of blockchain technology and the development of cryptocurrencies in general. Back in 2018, when Truss was chief secretary of the Treasury, she tweeted:
“We must implement cryptocurrency in a way that does not limit its potential. Develop free enterprise zones by removing restrictions that hinder prosperity.”
Truss’s political campaign promises serious plans to stimulate Britain’s economic growth. Moreover, Britain has a good chance of becoming an important player in the cryptocurrency world if the new government does not give up on former British finance minister Rishi Sunak’s plan. Before Sunak resigned, he and former Treasury economic secretary John Glenn paved the way for a new financial services and markets bill that includes the development of cryptocurrency payments, specifically in stablecoins.
“I believe our country can create great opportunities in such areas as blockchain.” – Liz Truss said when she was still Secretary of Commerce in 2020.
And even so, the U.K. doesn’t forget to be a staunch ally of Ukraine. The British government has obliged all cryptocurrency exchanges to report information about the owners of certain crypto assets that are on a sanctions list related to Russia’s military invasion of Ukraine. The exchange will face criminal liability for concealing such information.
So far, the only thing we know is that the new British Finance Minister Nadhim Zahavi, for his part, has also repeatedly expressed his positive attitude towards the crypto industry. Well, the future fate of blockchain technology development in the UK will be known later.
