Rishi Sunak To Become New UK Prime Minister With Crypto Hub Prospects

Rishi Sunak, who formerly served as the UK’s finance minister, or Chancellor of the Exchequer, won the campaign to lead the Conservative Party on Monday, following Liz Truss’ departure last week after only 45 days in office.

Sunak tweeted after earning the post when opponent Penny Mordaunt dropped out:

The former Chancellor of the Exchequer will face challenges from the UK’s tumultuous economy, which the Bank of England has declared to be in recession.

Rishi Sunak revealed his plans to turn the United Kingdom into a worldwide crypto powerhouse in April.

Sunak assisted in the introduction of the Financial Services and Markets Bill in July, which attempts to regulate stablecoins as payment mechanisms and give the Bank of England supervision over digital asset service providers.

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