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Rishi Sunak, the former chancellor of the exchequer under Boris Johnson, becomes the first nominee on the ballot to be the Prime Minister of the UK. Sunak crossed the barrier of receiving 100 public nominations, a pre-requisite to run for the party leader. Rishi Sunak wants to make the UK the crypto hub of the world.
Rishi Sunak first threw his hat in the ring after the resignation of Boris Johnson. However, Liz Truss defeated him in the party elections to become the next PM. Nevertheless, as Truss resigned from the top job after a tumultuous 45 days, Sunak is once again the front-runner.
Sunak, the former finance minister is a darling of the UK crypto community.
UK Political Crisis Explained
Former UK PM Boris Johnson resigned from his position due to a series of scandals during his administration. Rishi Sunak and Liz Truss were the two primary contenders for the top job. Despite being the favorite, Sunak lost to Truss. However, the economic plan introduced by Truss caused an economic crisis in the UK.
The budget made provisions for unfunded tax cuts which resulted in a major economic crash. Several pension funds came at risk and the British Pound took a beating. Despite rolling back the plan, the writing for Truss was on the wall. Chancellor Kwasi Kwarteng was sacked first and Truss resigned soon after.
Truss announced that the next PM will be chosen by the party within a week. Sunak once again appears to be the favorite with several MPs publicly backing him. However, it appears that Sunak will have to go up against his former boss Boris Johnson. Johnson has expressed his interest to re-enter the race and several MPs have publicly backed him.
Why UK Crypto Community Roots For Rishi Sunak
As the finance minister, Sunak wanted to make the UK the crypto hub of the world. He wanted to make stablecoins an accepted form of payment in the UK. He also aimed at providing legal status to the Decentralized Autonomous Organizations or DAOs. He also asked the Royal Mint to work on an NFT.
- Crypto UK
- United Kingdom
