Rishi Sunak is a crypto bro
As Britain prepares to welcome a new prime minister amid the horror economic headwindsfeel it necessary to point out that the guy they have chosen to fix things is a certified Crypto Bro™️ who once Requested that the Royal Mint issues an NFT.
Rishi Sunak was voted into office on Monday after the resignation of former Prime Minister Liz Truss, who served just one record-breaking 44 days before step down amid a maelstrom of criticism over her failed fiscal policy. Truss had argued that Britain could fix its inflation-related problems with borrow lots of money to give tax breaks to the super rich. Financial analysts predicted that not only would that plan not work, it would make inflation much worse. A failed attempt to push through this crazy agenda is pretty much it credited with having ended Truss’ leadership role with lightning speed.
Fortunately, now that Sunak is installed, fiscal common sense can also make a comeback, right? Well, we’ll see! Given the new PMis demonstrated interest in cryptocurrency, I have my doubts.
Dduring his term as Minister of Finance under the former Prime Minister Boris Johnson, Sunak was responsible for promoting a number of crypto-related initiatives that sought to normalize digital currencies and integrate them into the British economy. By all accounts, he is the first crypto enthusiast to serve in Britain’s top office. He is also the first person of color and the youngest prime minister – aged 42 –which Britain has had for 200 years.
To be fair, Sunak’s efforts at crypto promotion have at least moved towards regulation and taxation as opposed to total laissez faire theregulated insanity—even if, in the end, these efforts may simply normalize a phenomenon that critics say is redundant at best and a privacy hazard at worst.
In April, Sunak announced a series of programs to turn the UK into what he called a “global cryptoasset technology hub.” Among the initiatives announced at the time was a plan to integrate stablecoins into the national payment system, thereby “paving the way for use in the UK as a recognized form of payment.” Considered to be the least volatile form of cryptocurrency, stablecoins have seen more interest by authorities than other forms of crypto – although projects such as Terra and Tether has shown the potential danger of placing too much faith in the assets. stability.
Sunak’s plans also proposed creating additional regulations that would have helped incorporate further crypto into the UK’s economic and legal framework, thereby spurring greater investment in the space. “The measures we have outlined today will help ensure that businesses can invest, innovate and scale up in this country,” Sunak wrote in a press release published at the time.
Another ambitious initiative pushed by Sunak was Financial Services and Markets Acta piece of legislation that would give UK local authorities wide discretion to regulate cryptocurrencies, thus further assimilating them into the country’s economy. The bill, which has not yet been adopted, is currently is watched by the Storting.
At the same time, Sunak also recently supported a study to look at the potential benefits of creating a Central Bank Digital Currency (CBDC), or “Britcoin” as he called it. Proponents of CBDCs argue that they could have benefits for users, making payments “faster, cheaper and more secure”, as a op-ed puts it. However, critics argue that they are unnecessary and can end up spelling huge privacy issuesgiven the traceable nature of crypto and digital currencies.
Despite its crypto track record, analysts have suggested that Sunak is unlikely to do so have time to focus heavily on any web3-related initiatives in the short term. Given the UK’s current financial dumpster fire, any work on “Britcoin” may have to take a back seat.
Whether Sunak’s fiscal policy will be any better than Truss remains to be seen. Crypto or no, it’s just hard to believe that the new Prime Minister will be a good friend to ordinary people, given his status as one of the richest politicians in the western world. Currently richer than King Charles, Sunak gained his elite status after marrying an heir to a tech fortune in 2009, making one half of a couple worth about $828 million. Before his political career, he also built his own fortune working at Goldman Sachs – an institution known for having a lot of money, but not a ton of money. common sense or moral scruples. He has also previously worked in a hedge fund. Suffice to say, he’s not exactly Bernie Sanders.
Anyway, we at Gizmodo wish the Brits the best of luck and hope Sunak doesn’t screw up the UK El Salvador anytime soon.
