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UK youngest Prime Minister Rishi Sunak championing the creation of Central Bank Digital Currency (CBDC)

The youngest prime minister in modern UK history is a crypto believer.

Rishi Sunak is all poised to take over the position of the prime minister of the United Kingdom in a few days. Amidst severe economic tailwinds, Sunak was voted into power after Liz Truss, who just functioned a record-breaking 45 days, officially confirmed her resignation as a result of a maelstrom of criticism over her failed financial policies.

Sunak, for one, is a advocator of the crypto market and had hitherto championed regulation.

During his reign as the finance minister, Sunak orchestrated the financial services and markets bill, which, if passed, aims to offer domestic regulators more power over the crypto industry by bringing stablecoins under the purview of payment regulations.

Sunak suggested the creation of additional regulations which would much farther advance the integration of crypto into the United Kingdom’s Economic and Legal Framework, thus propelling massive investment in the space as well as adoption.

“The measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,”

He also unveiled plans to transform the country into a crypto hub and assigned UK’s coin producer – the Royal Mint – to create a non-fungible token (NFT) collection, which was previously expected to be ready by summer but is yet to hit the market.

Needless to say, Sunak’s latest milestone will make him one of the world’s most significant leaders to publicly embrace the use of blockchain technology to transform financial markets.

It is worth noting that he had also voiced in favor of central bank digital currency for the country, or Britcoin, as he had dubbed it at the Bank of England last October. He then asserted that CBDC could “offer businesses and consumers new ways to pay.” Shortly thereafter, he announced a joint task force between the Treasury and central bank to study the workings of CBDCs as a complement to cash and bank deposits.

Many libertarian crypto backers, however, oppose the idea of a digitized version of legal tender and cite financial surveillance concerns. This has led several industry prognosticators to turn skeptical of the soon-to-be PM’s comments.

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

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