Is Britain’s New Government Willing To Support Digital Currency? 

A lot of questions are running through the minds of crypto users in the United Kingdom. The developers, investors, and users are eagerly waiting for the announcement of the UK’s new PM, Rishi Sunak, on the crypto industry. How will Rishi handle the upcoming challenges of digital currency in the nation?

Rishi Sunak served as the country’s Finance Minister from 2019 to 2020. As he has experience in the treasury department, the investors had huge hopes for Rishi’s upcoming new crypto policies in the nation. At the time of serving as finance minister, Rishi did support blockchain transactions and digital currency platforms in the nation.

The autumn statement will be held on November 17. It will basically concentrate on the UK’s medium-term fiscal plan to put public spending on a sustainable footing, get debt falling and restore stability. Rishi Sunak and Jeremy Hunt, the chancellor of the UK’s parliament, had agreed on an autumn statement.

“Our mandate is based on a manifesto that we were elected on. A mandate that shows we want a stronger NHS, better schools, safer streets, and control over our nation’s borders. This is a mandate that I and this government will deliver to the people of Britain,” Rishi further added.

Certain regulations on cryptocurrency by the former prime minister of the UK, Boris Jhonson, and former finance minister Liz Truss, have worsened the economic system in Britain. Some of the fintech companies have opened companies outside of Britain due to its strict regulations. Most recently, the United Kingdom added regulations to freeze and recover stolen funds from virtual assets.

As the European Union has been moving towards the crypto world over the past two years, the EU government has wanted to launch the Markets in Crypto Assets (MiCA) framework for the crypto industry. This framework will help to combat crypto-fundraising schemes in the EU nations. As a result, the organizations decided to develop a framework that would assist EU nations in maintaining their top position in cryptocurrency payment.