Tue 06 Sep 2022 ▪ 4:00 p.m. ▪
min read – by
After tumultuous years peppered with scandals, Boris Johnson has given up his apron as British Prime Minister. It is his former Minister of Foreign Affairs, Liz Truss, who will take over. The former head of British diplomacy took over Chancellor Rishi Sunak in the elections. The arrival of Truss at the head of the country is a breath of hope for British crypto investors. She hasn’t been outspoken on cryptocurrency during her campaign, but her previous outings on the issue and on private companies give some insight. In 2018, she posted a tweet in which she pleaded for the liberalization of cryptocurrencies to take advantage of their potential.
The tweet from Liz Truss that panics the crypto universe
Liz Truss has barely taken over the helm of the United Kingdom in place of Boris Johnson, that she is already in the center of the spotlight. Everyone wants to know if the new leader is actually a fan of cryptos. Although she hasn’t said anything yet, her tweet four years earlier has just reappeared. At that time, she held the position of chief secretary of the treasury and in one of her outings, she expressed herself in these terms “We should welcome cryptocurrencies in a way that does not limit their potential. Free up free enterprise zones by removing regulations that restrict prosperity.”
It was enough to attract the sympathy of British investors once elected Prime Minister. In her recent statements, she has not made cryptocurrencies a priority. She believes that certain subjects such as energy price inflation and the Cost of life seemed more urgent. Nevertheless, she has clearly displayed her attachment to business and privatization. One of his promises was to reduce taxes to enable companies to better face the economic situation.
Is the arrival of Truss positive for the crypto industry?
The arrival of Liz Truss does not delight individuals, companies also show their enthusiasm. This is the case of the crypto exchange Luno who says he is ready to collaborate with the new executive. Its public relations manager, Thomas Tudehope reiterated that Luno “Looks forward to working with Ms. Truss and her team to craft a regulatory framework for crypto that will drive economic growth, create thousands of jobs, and protect consumers.” This type of collaboration would be, according to him, the best way for local businesses to plan with certainty. It is only in this way that the UK will be able to assert itself as a global pioneer in the cryptocurrency market.
Rishi Sunakhis opponent at the Prime Minister’s Office, seemed more open to the adoption of cryptocurrencies. His will as Minister of Finance was to make the country a global platform for crypto technologies. It is therefore a crypto-oriented country that Liz Truss takes in hand, we must now wait for the orientation that she will want to give to her judiciary. As a reminder, the British government had announced that it was working with Royal Mint, the approved manufacturer of British coins, to create an NFT.
With the arrival of Liz Truss as Prime Minister, a glimmer of hope is emerging for digital currency players in the UK. One of the priorities is to protect UK consumers from misleading crypto advertisements. We will want to see how the new government will continue the protection plan initiated in early January by the former team. It will be necessary to reconcile the protection of investors through compliance controls and the promotion of innovation.
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Doctoral student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.