February 21, 2024

Talking about turning the UK into a crypto hub on the one hand and the old guard with the banks on the other, the UK in general has struggled so far. However, with both prime ministerial candidates staunchly pro-crypto, the digital asset sector could finally get the support it needs to thrive.

The United Kingdom – a pillar of the system

From an international perspective, the UK is not generally seen as a country that goes against the party line of the global hierarchical system. It has traditional right-leaning politics and can normally be counted on to help eliminate anything that threatens the US-dominated world order.

The Bank of England was created in 1694 with the aim of raising the money necessary for war, and with this endeavour, to rebuild the British naval war machine.

So with this kind of history, it’s frankly impressive that the UK would want to become a hub for the libertarian world of cryptocurrency.

A change of heart?

Of course, there may just be some more open minds in government who recognize that the fiat financial system is done and that the cryptocurrency revolution will succeed no matter what is thrown at it.

It could also be that joining now with some tough regulations could ensure that the UK regulator can get a firmer grip on the sector and be able to exercise much more control.

A pro-crypto Prime Minister

Rishi Sunak, one of the two leadership contenders and a former Chancellor of the Exchequer, was the one who was announced that the UK government wanted to make Britain a global hub for crypto-asset technology and investment, and is considered to be very pro-crypto.

However, Liz Truss, who is currently the favorite to succeed Boris Johnson in the role of Prime Minister, has gone so far as to promote an anti-regulatory approach to crypto.

He was secretary of state before stepping down to run, and also a former secretary of state for international trade, where he oversaw a digital commerce network that promoted fintech companies that “Enhanced digitization and resilience in priority export markets,” according to one article on City AM.

If either of these two candidates for the UK’s highest office wins, then cryptocurrencies are likely to feature prominently on the new government agenda.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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