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      KODA Cryptocurrency – What Does The New Prime Minister Mean For Crypto?

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      Nov 4 2022 | By

      While we always state that the world of cryptocurrency is ever-changing, it seems that the UK Prime Minister is ever-changing too. We are now on our 3rd Prime Minister in as many months. Rishi Sunak has taken on the role of Prime Minister and his main pledge is to tackle the economic crisis that has left millions struggling to pay their bills.

      However, the change in Prime Minister, especially the introduction of this one could mean great things for the UK and the crypto market.

      As Chancellor of the Exchequer, Rishi Sunak led the economy in the UK through the rough waters of the pandemic. Rishi Sunak is the youngest leader in more than 200 years, and he claims that he will work to fix the economy once and for all.

      Rishi Sunak is also thought of as a crypto-friendly leader. He has often been quoted saying that he is open to cryptocurrencies as well as other digital assets.

      So, what does a new Prime Minister mean for cryptocurrencies in the UK?

      Let’s start back in April of this year. It was at this time that the UK Government announced its plan to make the UK a global crypto-asset technology hub. At the time, Rishi Sunak was Finance Minister, and it was him that headed up this plan.

      Just to refresh your memory of this plan, Rishi Sunak made claims of aiming to ensure that the UK financial services sector would remain at the cutting edge of technology and work to attract investment and jobs while widening consumer choice. This has been stated on the website of the UK government.

      With regards to the initiative, Rishi Sunak said that the measures that they had outlined today (back in April) will help to ensure that firms can invest, innovate, and scale up in this country. He added that he wanted to see the businesses of tomorrow and the jobs that they create, here in the UK. Rishis Sunak also stated that by effectively regulating these, we can give them the confidence that they need to not only think, but also invest long-term.

      The Government advised that the strategy will be based on testing in its initial stages. However, there were plans to introduce a financial infrastructure sandbox. This would help to enable firms to not only experiment but also innovate with the crypto-asset technology.

      The following planned step was to establish a Crypto-Asset Engagement Group. It is planned that this group will work closely with the crypto industry. The group would also explore ways of enhancing the competitiveness of the UK tax system. In turn, this would encourage further development within the market of crypto assets.

      It is worth noting that this entire planned strategy will be pegged on stablecoins. Stablecoins are a form of crypto that is linked to a fiat currency such as the Pound, Euro or Dollar for example. Therefore, it is intended that stablecoins will maintain a stable value, unlike traditional crypto coins for example.

      Steps have already been taken regarding regulating stablecoins. This has been done to ensure that new technologies are ready to be used reliably and safely. There is also a Financial Services and Markets Bill that would give local governments discretion to regulate cryptocurrencies. This bill update is currently under review.

      Another interesting thing about the introduction of Rishi Sunak as Prime Minister in the UK is that he came out of the pandemic as one of the most popular politicians heading up the country in 2020.

      In 2021, Rishi Sunak proposed a central bank digital currency. This was known as a CBDC or a Britcoin. Rishi Sunak made claims of this coming into play across the UK economy by 2025.

      As a side note, a CBDC or central bank digital currency is an electronic form of central bank money. It has the potential to be used by households and businesses to not only store value but also make payments.

      The announcement of the proposed central bank digital currency was met with a mixed reaction. For some people, Britcoin, or CBDC, would help streamline the digital transaction process. It would mean that money could be moved quickly and easily between accounts. This would save time and cut high bank costs and transfer fees.

      However, for others, there were concerns that around how the CBDC, or Britcoin, might affect regulatory methods like interest rates as well as the amount of money banks would have available to loan.

      Other people have expressed major privacy concerns. This is due to the state having such a close relationship with individual banks. Firstly, they would have full access to the details of transactions. However, they could also, theoretically, also have the power to simply flip a switch and cut off all money supplies.

      Rishi Sunak has been very vocal in his support of the CBDC, or Britcoin, and its advantages. Here at KODA, we are very interested to see if this concept resurfaces and how it will move forward with Rishi Sunak as the new Prime Minister.

      What do you think the future of crypto could look like with Rishi Sunak at the wheel?