Crypto-friendly Rishi Sunak appointed UK Prime Minister


Former crypto-friendly British Prime Minister Rishi Sunak has been named prime minister after a short-lived leadership campaign.

Rules for leadership elections require a candidate to obtain at least 100 nominations from Members of Parliament (MPs) to advance to the next stage.

Snack’s remaining rivals, however, Penny Mordauntdid not receive the minimum number of nominations from her fellow MPs. Yahoo It is reported that if Mordaunt fails to meet the minimum requirements by 14:00 on October 14th, Sunak will win the leadership race by default.

After 14:00, Sir Graham BradyThe chairman of the 1922 Committee, Mordaunt, did not receive enough support by the deadline, so he announced the appointment of Sunak.

Liz Trussout

Following Boris Johnson’s resignation, Liz Truss promoted Sunak to the position of prime minister by 57.4% to 42.6% on Sept. 5 after a nationwide membership vote.

But after a disastrous 45-day term, truss He lost the party’s support and resigned on October 20.

Her redo is “mini budgetTax reduction measures such as the abolishment of the 45% tax increase in the corporate tax rate that will be implemented from April 2023 and the U-turn from 19% to 25% have been announced.

Then-Prime Minister Kwasi Kwarten, who resigned on October 14, said the plan would boost Britain’s growth and improve living standards amid a cost-of-living crisis.

However, the market reaction was negative and the Bank of England was forced to intervene by purchasing bonds to avoid a market collapse.

In response, critics came full circle, denouncing her naivety on political and economic issues, ultimately rendering her position untenable.

Snack wants UK crypto innovation

Pro-crypto Britons were disappointed that Sunak lost for the first time as prime minister.

The former prime minister was instrumental in pushing the agenda of a UK crypto hub during his tenure in the Treasury. Many thought that if he had beaten Truss in the last leadership contest, this plan would accelerate.

Recently, snack I was asked what we plan to do to push the UK to the forefront of crypto on the world stage. Reflecting on his time as prime minister, he said he proved his pro-crypto convictions and was right.

Addressing issues other than cryptocurrencies and “how many bitcoins can I buy?”, Sunak argued that underlying blockchain technology could improve supply chains, make customs clearance and borders more efficient, and make banking cheaper and more accessible. There is room to make it easier, he added.

“I am a strong believer in the need to embrace technology and innovation as a way to improve all lives, make things better, make things cheaper, make things faster…”

Concluding his response, Sunak said he wants the UK to be “home to that innovation” and, if he is appointed Prime Minister, “trust me you want to see it happen”. said.

Posted In: UK, Politics

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