Crypto advocate becomes UK prime minister

On October 25, the former head of Her Majesty’s Treasury, Rishi Sunak, became the United Kingdom’s new prime minister. In his previous role, he was remembered for a cordial attitude toward cryptocurrencies.

I will unite our country, not with words, but with action.

I will work day in and day out to deliver for you.

Watch my speech from Downing Street 👇 pic.twitter.com/diOBuwBqXc

— Rishi Sunak (@RishiSunak) October 25, 2022

In 2020, the department began work on regulating stablecoins and announced research into central bank digital currencies (CBDC).

According to Sunak, innovations can make payments cheaper and faster.

In April 2022, he said that he aimed to turn the United Kingdom into a “global hub of cryptoasset technology”.

At the same time, Sunak tasked the Royal Mint to issue NFT, and the Treasury announced plans to legalise “stablecoins.”

However in May, in the wake of Terra collapse, the department excluded the use of algorithmic stablecoins as payment mechanisms. The Treasury also considered additional safeguards against catastrophes of “stablecoins,” such as UST.

Twitter users reminded that Sunak is comfortable navigating popular NFT collections. In a blitz poll, he preferred Bored Apes over CryptoPunks. As for the two leading cryptocurrencies, he chose both—Bitcoin and Ethereum.

The UK’s new PM prefers Bored Apes to CryptoPunks and prefers a basket of different coins (dabbles in shitcoins?)

(Clip from leadership race a couple months ago) pic.twitter.com/3FwMgAPA0s

— db (@tier10k) October 24, 2022

Sunak left the Treasury in July. In the role of prime minister he succeeded Liz Truss, who held the post for a record-short 45 days.

In his very first act in office, Sunak achieved two historic feats: he became the youngest prime minister (42) and the richest. His and his wife’s combined fortune is valued at £780 million, according to Washington Post.

Most of the fortune comes from Akshata Murty, via a stake in her father’s multinational Infosys (market cap $77.77bn). The prime minister’s wife also runs a successful own business.

In June, the Ministry of Digital, Culture, Media and Sport backed Sunak’s idea to turn Britain and its capital London into a “crypto hub”.