Front-Runner Rishi Sunak Crypto Advocate
Rishi Sunak, the current frontrunner in the battle to become Britain’s next prime minister, is a well-known spokesman for cryptocurrency.
Sunak won the second round of the competition – which was triggered by the resignation of sitting Boris Johnson last week – by 101 votes to his name. His closest rival is Penny Mordaunt with 83 votes, and Secretary of State Liz Truss has 64 votes.
Should Sunak succeed Johnson as Britain’s next prime minister, his appointment will not necessarily be good news for individual economic freedom. In addition to being a spokesman for the cryptocurrency sector, the former finance minister is also known for being a spokesman for Central Bank Digital Currency (CBDCs).
While the former seeks to decentralize and democratize finance, critics of the latter point out that programmable money such as CBDCs can be used to centralize financial control.
Sunak for PM and crypto
In April, Sunak, the then finance minister, set out his ambition “to make the UK a global hub for crypto-asset technology.” As part of this work, Sunak proposed that stack coins should become a recognized payment method in the country. The chancellor continued to ask Royal mint to create “an NFT [non-fungible token] for the United Kingdom. “
When the Chancellor announced the political agenda at the time, the Chancellor said: “It is my ambition to make the UK a global hub for crypto-activation technology, and the measures we have outlined today will help ensure that companies can invest, innovate and scale up in this. country.”
In June, Tether announced that it would launch GBPT, a pound-fast stacking coin for the UK market.
Sunak for CBDCs
During the UK Presidency of the G7 in October 2021Sunak launched “a set of public policy principles for digital central bank currencies.”
At the time, Sunak was quick to point out that “the decision to launch a digital central bank currency is up to each country to make, and no G7 jurisdiction has yet made that choice.”
Nevertheless, in April 2021, Sunak instructed the Treasury and the Bank of England to work together to coordinate the exploration and feasibility of a potential British CBDC.
The consequences of CBDCs can nevertheless prove to be catastrophic for individual freedoms and freedoms. In June 2021, Tom Mutton, a director of the Bank of England, spoke freely about the case.
“There may be some socially beneficial results from that [programming money], prevents activity that is considered to be socially harmful in any way. But at the same time, there may be a restriction on people’s freedoms, Mutton said.
Those who fear the potential of CBDCs to bring about social credit systems may therefore have concerns about a Sunak premiere.
Sunak’s global vision
Through his approach to the CBDC and climate reform, Rishi Sunak has demonstrated a global vision in his policies. Through the G7 and 136 members of the nation state of the Organization for Economic Co-operation and Development (OECD), Sunak pushed for the creation of a minimum rate of global corporation tax of 15%.
Oxford graduate Sunak is married to fashion designer Akshata Murthy, the daughter of Indian IT billionaire Sudha Murthy. Sudha Murthy is the founder of Infosys, a member of the World Economic Forums (WEF) Partnering Against Corruption Initiative (PACI).
On Thursday, the UK Financial Conduct Authority (FCA) called for a global set of rules to regulate international crypto firms.
Should Sunak win the UK leadership race, it looks like the FCA will find a sympathetic prime minister living at 10 Downing Street.
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