Crypto Enthusiast Sunak Leads In The Competition For The UK Prime Minister

Former chancellor Rishi Sunak has acquired an early lead in the contest to become the Conservative Party leader and the country’s next prime minister in the United Kingdom.

The competition, which takes place during extended political instability in the country, might finish as soon as Monday. Sunak has already received the support of at least 100 Tory MPs, ensuring that he will be included in the poll of party members next week if he registers his candidacy.

On September 5, outgoing Prime Minister Liz Truss was confirmed as the country’s leader. She quit last week in response to criticism of Chancellor Kwasi Kwarteng’s economic plan, which includes tax cuts for the wealthy.

Sunak ran in the last leadership election but lost 43% of the vote to Truss’s 57% in the final round.

This time, other contenders in the running include former Prime Minister Boris Johnson and House of Commons Leader Penny Mordaunt. Only three Conservative MPs will advance to the following round, while there are 357 Conservative MPs in total.

Sunak established himself as a crypto enthusiast while serving as Chancellor of the Exchequer from February 2020 until July 2022.

He announced ambitions to make the UK a crypto-friendly tech center in April this year and stated the Royal Mint would introduce an NFT this summer. He also worked to bring stablecoins under regulation, opening the door for their usage as a recognized form of payment in the UK.

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