How will leadership changes in England affect the country’s crypto plans?

England’s plans for cryptocurrency and blockchain are likely to continue despite a change in leadership.

Several leadership changes occurred in Great Britain during the second week of September 2022. Liz Truss replaced Boris Johnson as Prime Minister. Queen Elizabeth II passed away and was succeeded by King Charles III. In addition, Kwasi Kwarteng was elected to serve as England’s Chancellor of the Exchequer (or Chancellor of the Exchequer).

While these changes could affect the UK’s plans for crypto, it seems every leader is committed to promoting the technology. Here’s how they’re involved.

On 6 September Liz Truss was appointed Prime Minister of England. Truss previously held various posts, including Foreign Secretary and Chief Secretary to the Treasury.

Truss was not elected through a general election. Instead, Boris Johnson stepped down from his role as Prime Minister in July after various controversies. As a member of England’s Conservative Party, Truss won the support of the elected parliament and automatically succeeded Johnson this month.

Truss has commented on cryptocurrency in the past. In 2018, she made a statement advocating for more permissive crypto regulation, write it The UK “should welcome cryptocurrencies in a way that does not limit their potential.”

Later, during a debate in 2020, Truss said the UK wants to achieve “a world-leading data and digital deal” that deals in part with blockchain.

Truss’ exact plans for cryptocurrency are not clear, but her involvement in England’s economy means she is likely to get involved with crypto in some way.

Truss’ office also announced on 6 September that former Business and Energy Secretary Kwasi Kwarteng will serve as UK Chancellor of the Exchequer.

Kwarteng will indirectly succeed Rishi Sunak, who resigned in July and was known for his intensely pro-crypto stance. Earlier this year, Sunak announced various plans to turn the UK into a global crypto hub. Specifically, he outlined plans to issue a non-fungible token (NFT) through the Royal Mint and introduce clearer regulations.

Kwarteng also succeeds Nadhim Zahawi, who served as England’s Chancellor of the Exchequer in the months following Sunak’s departure. Zahawi echoed Sunak’s goals in an early speech, noting that the Financial Services and Markets Bill could “[reinforce] The UK’s position as a leading center for technology as we confidently adopt crypto.”

Compared to his predecessors, Kwarteng has said very little about cryptocurrency. Although his position is unclear, he is likely to follow Truss’ lead as a member of her party.

Queen Elizabeth II’s death was reported on 8 September.

Although the Queen was not particularly involved in cryptocurrency, she acknowledged that she had received a donated edition of a blockchain journal in 2020. The Queen’s Secretary’s Office said that she “greatly appreciated [the] thoughtful gesture.”

The Queen has been succeeded by King Charles III, who commented on Bitcoin, blockchain and cryptocurrency in the past. In 2019, he called the technology a “very interesting development” after a person asked him about the topic.

Following the Queen’s death, various cryptocurrency “meme coins” have been created with names and ticker symbols referring to Queen Elizabeth II.

These coins include “Save the Queen,” “God Save the Queen,” and “Long Live the Queen.” Some of the coins refer to Dogecoin and Shiba Inu Token, with names like “Queen Elizabeth Inu,” “Queen Inu II,” and “QueenDoge.” It is not clear whether any of these tokens will achieve lasting value. It is also not clear whether these symbols will be perceived as legitimate memorials or opportunistic cash grabs.

In an unrelated incident, the Queen’s office became the target of fraud in 2019 when fraudsters impersonated Buckingham Palace officials to solicit crypto donations.

Despite a change in leadership and a lack of definitive statements from the UK’s new leaders, it looks like the country will continue to pursue its crypto goals.

Other members of the British government have also commented on these matters. During a crypto debate in Westminster on September 7, Chancellor of the Exchequer Richard Fuller said that the UK aims to become “the country of choice for those who want to create, innovate and build in the crypto space”.

He added that England aims to attract investment, generate jobs, collect taxes and create “groundbreaking” new cryptocurrency products and services.

In short, it seems that the UK will continue to engage with crypto as before, accommodating new technologies while regulating the industry.