Cryptocurrency

Britain’s new ‘pro-crypto’ Prime Minister slammed as ‘no friend of Bitcoin’

Zegex

Twitter user @Odell It called newly appointed UK Prime Minister (PM) Rishi Sunak “not a friend of Bitcoin”, adding that reports of his pro-crypto rhetoric were “misleading”.

The basis for @ODELL’s comment came from a video in which Sunak talks about Central Bank Digital Currencies (CBDC), which are commonly referred to by the community as philosophical about cryptocurrency principles such as censorship resistance and decentralization. considered to be opposed to

Snack’s Crypto Advocate Reputation

On 24 October, Sunak won the Conservative leadership contest after rivals Penny Mordaunt failed to win the 100 MP nominations needed to move to the next stage.

Much has been said about his appointment, with Sunak being the first non-white British prime minister and others saying his privileged position meant he was out of touch with the public. It is pointed out that it means

Former Goldman Sachs banker and his wife, fashion designer and venture capitalist Akshata Murty, are reportedly worthy £730 million ($824.5 million).

During the failed leadership campaign against Liz Truss, Sunak told the studio audience that he supports cryptocurrencies and their underlying blockchain technology as a way to improve lives through technological efficiency.

He concluded his response by saying, as prime minister, “you better believe that I want to see it happen.”

Similarly, in another crypto-savvy show during his campaign trail, Sunak prefers Bored Apes to CryptoPunks, rather than choosing between Bitcoin and Ethereum to avoid tribal backlash. , said it chose “a basket of cryptocurrencies.”

Governments considering CBDC

On 14 October 2021, when he was Prime Minister of the United Kingdom under Boris Johnson, Ministry of Finance posted a video of Sunak talking about the CBDC concept.

As part of the launch of the G7 public policy principles, Sunak said governments and central banks around the world are considering how a CBDC would work in practice. He called the move part of the “digital innovation story.”

Given the scale of changes needed to accommodate the CBDC, Sunak said G7 countries are still in the research phase and no decision has yet been made on whether to go ahead with it.

“The decision on whether to launch a central bank digital currency is for each country to make, and G7 jurisdictions have yet to make that choice.”

Critics argue that a CBDC would be no different than the current inflationary fiat currency system. In addition, there are lingering suspicions about financial snooping and the potential for “enemies of the state” to be cut out of the deal at the push of a button.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button