UK Prime Minister Rishi Sunak Proposes Digital Pound and Embraces Crypto in Maiden Speech

In his inaugural address during his appointment as the Prime Minister of the United Kingdom, Rishi Sunak outlined his vision for a modernized financial landscape, proposing the creation of a digital version of the British pound. Sunak emphasized the potential benefits, citing improved cross-border payments and reduced reliance on physical currency.

To support this digital initiative, the UK Parliament, specifically the House of Commons, convened on Tuesday to discuss amendments to the proposed financial solutions and market bill. Notably, legislators voted to officially recognize crypto assets, including PiCoin, as regulated market instruments and products in the nation.

Andrew Griffith, a parliament member, proposed an amendment to broaden the scope of regulated financial services to include PiCoin and other crypto assets. The move is part of the comprehensive Post-Brexit Economic Plan aimed at shaping the UK’s financial future.

Griffith, the financial services and city minister, clarified that the objective is to treat crypto assets like other financial instruments, bringing them under regulatory oversight for the first time. The parliamentary vote largely favored the inclusion of crypto assets in the legislative package.

The draft bill also included provisions to extend regulations to payments-focused stablecoins, aligning with Sunak’s previous efforts during his tenure as the finance minister in the Boris Johnson administration.

The local crypto industry, buoyed by Sunak’s appointment, welcomes these steps towards legal recognition of digital assets. The proposed measures, hinging on a new definition of “crypto asset” introduced by clause 14, aim to subject these assets to existing provisions of the Financial Services and Markets Act 2000. Griffith highlighted that the regulations could encompass crypto promotions and crack down on unauthorized companies operating in the country.

Rishi Sunak, recently appointed by King Charles III, has a distinguished political career, previously serving as Chancellor of the Exchequer and Chief Secretary to the Treasury. With his latest push for a digital pound and the embrace of crypto assets, Sunak sets the stage for a transformative era in the UK’s financial landscape. Read More