crypto strategy

New Finance Minister Kwasi Kwarteng Leaves UK Crypto Policy Unclear

Liz Truss, recently elected leader of the Conservative Party and Prime Minister of the United Kingdom, has appointed Kwasi Kwarteng as the country’s Chancellor of the Exchequer or chief finance minister.

In a Tuesday announcement, Truss’s office appointed Kwarteng as Britain’s next finance minister, replacing Nadhim Zahawi, who served as Chancellor of the Exchequer for three months after Rishi Sunak resigned in July. Kwarteng was most recently the UK Government’s Secretary of State for Business, Energy and Industrial Strategy and has been a Member of Parliament since 2010.

Queen Elizabeth officially appointed Truss as Britain’s next prime minister and first lord of the Treasury on Tuesday following the resignation of Boris Johnson. While Truss said in 2018 that the UK “should welcome cryptocurrencies in a way that does not limit their potential”, Zahawi has hardly spoken publicly about his crypto and blockchain projects in the country. .

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According to a June 2021 UK Innovation Strategy report from the Department for Business, Energy and Industrial Strategy – in which Zahawi served as Secretary of State – blockchain technology had a “ transformative potential. citing its ability to build trust in digital services. In July 2021, the ministry announcement $61 million in funding for projects promoting “data-driven innovations,” including the use of blockchain in supply chains.

The UK government is currently considering different legislative avenues to regulate stablecoins and determine the role of crypto in the economy. In May, the Prime Minister’s Office introduced two bills on potential seizure and regulatory support for cryptocurrencies.