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- Liz Truss, U.K.’s new Prime Minister appointed Kwasi Kwarteng, as the new Finance Minister.
- Previously, they have shown their support for crypto and blockchain technology.
U.K.’s Minister’s Previous Support in Crypto
Liz Truss who now became the new Prime Minister of the U.K. in an apoonance with the former Finance Minister, Rishi Sunak in a contest. She appointed Kwasi Kwarteng, as the new Finance Minister of the Country. Kwarteng is the former head of the U.K.’s department of energy, business, and industry strategy.
Rishi Sunak, the Former Finance Minister previously supported the crypto asset technologies and shared the plan that was titled as “global hub for crypto asset technology,” to nourish the country.
Additionally, it is yet not clear to what extent Kwarteng understood Sunak’s point of view on cryptocurrencies and blockchain technologies.
However, Truss also did not share much about cryptocurrencies. But in 2018, she Tweeted, “We should welcome cryptocurrencies in a way that doesn’t constrain their potential.” This Tweet was shared by her when she was the Chief Secretary of the Treasury of the U.K.
It can be noted that Kwarteng will face lots of tactics with the economy that will hit 40-years high inflation and also the recession that may hit later this year as the market experts predicted.
In a report in June 2021, blockchain solutions were noted as part of the technological innovations that needed to revamp the economy of Britain in near future. This report was from the previous department of Kwarteng.
Turning towards this year, Kwarteng announced a 53M British pound (U.S.$61.3M) fund to support competitiveness through digital technologies, in July. It includes the usage of blockchain technologies in supply chains.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
