The former chancellor of the exchequer, who is now in charge of the sixth-largest economy in the world, is rumored to be wealthier than King Charles. He also strongly supports cryptocurrencies.
Within a few days, Rishi Sunak will take office as prime minister of the United Kingdom. Liz Truss defeated Sunak for the top government position on September 5; nevertheless, she resigned after serving for only 45 days. His appointment to the position appears to be positive news for the cryptocurrency sector thus far.
Sunak served as the country’s treasury’s chancellor from early 2020 until July 5, when he resigned after a scandal that rocked Boris Johnson’s administration. Sunak frequently expressed his support for cryptocurrency around that time. Speaking in April on a stablecoin-related regulatory reform proposal, Sunak said:
“It’s my ambition to make the U.K. a global hub for crypto-asset technology, and the measures we’ve outlined […] will help to ensure firms can invest, innovate and scale up in this country. This is part of our plan to ensure the U.K. financial services industry is always at the forefront of technology and innovation.”
Sunak has also expressed support for digital money issued by central banks. In order to serve “as an emblem of the forward-looking attitude the UK is intended to pursue,” he ordered the Royal Mint to issue a nonfungible token (NFT) by the end of the year in April.
Additionally, he managed the creation of the Financial Services and Markets Bill, which is currently being debated in Parliament and which aims to establish a legal framework for stablecoins and other digital assets.
FLASHBACK: Rishi Sunak’s view on centralized crypto currency and how G7 nations should use it
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Sunak has contributed to history in a number of ways. He is the youngest prime minister in modern British history at the age of 42. When they took power, David Cameron and Tony Blair were both 43 years old. Sunak is the richest British prime minister to join office with a combined fortune of $824 million, according to his wife.