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Earlier this week, the Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen resigned from the Boris Jhonson government which might come as a major setback for the country’s crypto community.
Sunak and Glen were the champions behind making the U.K. the crypto hub of the world. Besides, they had charted out a complete plan earlier this year to improve U.K’s position with crypto-friendly jurisdictions.
However, with both of them quitting, crypto proponents are worried about whether the government will continue with its crypto plans ahead. Ian Taylor, the head of British crypto industry group CryptoUK said: “You don’t write effective policy without knowing what you’re doing. We’re back to square one.”
Replacing Rishi Sunak as Chancellor of the Exchequer is Nadhim Zahawi. But Taylor believes that implementing the crypto push that involves regulating the stablecoins will take longer than expected.
John Glen’s Exit, A Big Void
The U.K government is yet to announce the successor to John Glen, the country’s de fact crypto czar. Glen was instrumental in bridging the gap between the crypto industry and regulators. Sarah Kocianski, an independent fintech strategy consultant told Bloomberg:
