Liz Truss, the pro-crypto conservative leader in the UK has won the leadership contest of her party. She was one of only a few conservative MPs to support bitcoin and other cryptocurrencies. As the 3rd female prime minister of Britain, she has sworn “we will deliver, we will deliver, we will deliver,”. It is not yet clear whether she will be successful in her promises or not, but it is certain that her work will not be easy.
Many are wondering so what’s now for cryptocurrency in the UK and around the world.
The UK has always been a major player in the world of business, finance and tech. The advent of Bitcoin and other cryptocurrencies has given rise to a new wave of innovation in the country. Entrepreneurs are seeking to make their mark on this new industry with many crypto start-ups setting up shop in London. Should Britain, which has the world’s fifth largest economy, fully realise its already established enormous potential to become a globally leading crypto hub, other countries’ governments in the EU and around the would be triggered to actively compete. And this would be the ultimate legitimacy, credibility and the rocket that truly sends the crypto sector to the moon.
Will there more crypto regulations in the UK or is a new era about to begin?
The cryptocurrency market is one of the most unregulated and volatile markets in the world. With its large potential for abuse and lack of supervision, the UK government has been cracking down on the market by introducing new regulations. However, there are some who believe that this is an opportunity to create a new era in this industry with a more self-regulated system.
In Jan 18 the now PM and co-author of Britannia Unchained, tweeted:
“We should welcome #cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity. #PolicyExchange #futureoffreedom #shakeup”
There are people in the cryptocurrency market who are celebrating the appointment of the new UK Prime Minister. Banks, on the other hand, have a less optimistic outlook.
Whilst we know Truss, who was the Foreign Secretary since 2021 and Minister for Women and Equalities since 2019, serving under three prime ministers, has urged an anti-regulatory approach to crypto in an effort for the UK to embrace the technology. We are aware that our newly elected Prime Minister may see things from a different perspective now. After all, she was once a liberal democrat but on the other hand we know that she is open to new ideas and may be willing to change her opinion in order to better serve the people.
In Brexit Britain, over 2 million adults are believed to hold cryptocurrencies such as bitcoin. Whilst in some countries, such as China, cryptocurrencies have been banned outright. The UK government has been investigating the implications of cryptocurrencies, such as Bitcoin and looking for ways to embrace it. People are increasingly looking to these new currencies to provide an alternative investment and a way to save money.
Wolfgang Münchau, a German political analyst writing in Euro Intelligence, predicted that the UK will be at the helm of the new crypto-finance sector. He said he believed that just as the UK has become one of the leaders in attracting investment for high-tech start-ups, so too will it pave the way for digital currencies.
Does this mean crypto and bitcoin is about to take off and recover?
Crypto has been in a slump as of late, but might be due for a rebound. This is because the market is starting to show signs of stability. For example, the number of coins being exchanged each day is on the rise and exchanges are not experiencing prolonged downtimes. This is because people are starting to see the benefits of cryptocurrency and are taking more care when investing as well.
