Rishi Sunak is a cipher bro

Rishi Sunak is a cipher bro

Image of the article titled Oh Great, the new British Prime Minister is Crypto Bro

picture: Dan Kitwood (Getty Images)

As the United Kingdom prepares to welcome A new prime minister amid awesome Economic headwindIt seems necessary to point out that the one they have chosen to fix things is an approved Crypto Bro from once upon a time Request The Royal Mint issues the NFT.

Rishi Sunak was voted into office on Monday after the resignation of former Prime Minister Liz Truss, who only served broke world records 44 days ago step down Under heavy criticism for its failed fiscal policies. Truss said Britain could fix its inflation problems by borrow a lot of money tax breaks to the super-rich. Economic Analysts expect Not only will that plan not work, it will make inflation a lot worse. The failed attempt to beat this crazy agenda is largely Favor With Truss’ leading role ending at lightning speed.

Fortunately, now that Sunak is installed, common sense can come back, right? OK we will see! Looking at the new prime ministershow up Interested in cryptocurrency, I have doubts.

DrDuring his tenure as Minister of Finance under the former Prime Minister Boris Johnson, Sunak has been responsible for promoting a number of crypto-related initiatives that have sought to do so normalization Digital currencies and their integration in the British economy. By all accounts, it is the first cryptocurrency Enthusiastic For service at the top of the UK Desk. He’s also the first person of color and the youngest PM – 42 years old –owned by Britain in 200 years.

To be fair, Sunak’s efforts to promote cryptocurrency have at least oriented towards regulation and taxation rather than a full laissez-faire policy. deOrganized Insanity – Although, in the end, these efforts could simply normalize a phenomenon that critics say is redundant at best and a privacy risk at worst.

In April, Sunak announce A series of programs to transform the UK into what he called a “global crypto-asset technology hub”. Among the initiatives announced at the time was a plan to integrate stablecoins into the national payment system, thus “paving the way for their use in the UK as a recognized form of payment.” Stable cryptocurrencies are the least volatile form of cryptocurrencies More attention by governments more than other forms of cryptocurrency – despite projects like Tera And the Rope They demonstrated the potential danger in placing too much confidence in the assets’. More.

Sunak’s plans also suggested additional regulations that would help further consolidation crypto within the UK’s economic and legal framework, thus stimulating further investment in the space. “The actions we outlined today will help ensure that companies can invest, innovate and expand in this country,” Sunak wrote. in press release published at the time.

Another ambitious initiative pushed by Sunak was Financial Services and Markets Billlegislation that would give local governments in Britain broad discretion to regulate cryptocurrencies, and thus accommodate more them in the nation’s economy. The bill, which has not yet been passed, is currently being looked at by Parliament.

Meanwhile, Sunak recently backed a study to look at the potential benefits of creating a central bank digital currency (CBDC), or “BitcoinProponents of central bank digital currencies argue that they can have benefits for spenders, making payments “faster, cheaper, and more secure,” as one editorial put it down. However, critics argue that it is unnecessary and could eventually be spelled huge privacy issuesdue to the traceable nature of crypto and digital currencies.

Despite his crypto record, analysts have suggested that Sonak is unlikely to do so take your time To focus a lot on any web3 related initiatives in the near term. Given the current economic waste fire in Britain, any work on Bitcoin may have to take a back seat.

It remains to be seen whether Sunak’s financial policies will be better than Truss’s. Crypto or not, it’s hard to believe that the new prime minister would be such a great friend to ordinary people, given his status as one of the richest politicians in the western world. Currently richer than King CharlesSunak rose to prominence after marrying a heiress to a tech fortune in 2009, making him half of the couple combined with a fortune of about $828 million. Prior to his political career, he also made his fortune through his work at Goldman Sachs – an institution known for having a lot of money but not a lot of money. Common sense or moral scruples. He also previously worked at a hedge fund. Suffice it to say, it’s not exactly Bernie Sanders.

Anyway, we at Gizmodo wish the British well and hope Sunak doesn’t turn the UK into El Salvador anytime soon.

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