Rishi Sunak, the newly elected prime minister of the United Kingdom, is being seen as a positive force that could pave the way for the blockchain and cryptocurrency industries to grow at a faster pace. Sunak has a history of being positive with regard to the possibilities presented by the industry.
Aside from being the youngest PM of the UK in about two centuries, Sunak has a lot in common with younger people, including his view that of cryptocurrencies as viable investments for the future. According to recent surveys, individuals between 21 and 42 years of age believe that cryptos are better investments for those interested in growing their portfolios. Sunak is 42, and it is therefore not surprising that he is warm toward cryptocurrencies. Research shows that millennials are more likely to put approximately 15% of their investment portfolio in cryptos.
The new prime minister is unique because his enthusiasm isn’t likely to apply to only himself. A prime minister is an influential person who can push for policy shifts, and the crypto industry is hoping he does just that.
This hope isn’t wishful thinking either. While still chancellor of the UK’s exchequer, Sunak expressed his desire to make the United Kingdom a worldwide hub for the technologies underpinning cryptocurrency assets. When he took over the office of finance minister during the administration of ex-premier Boris Johnson, Sunak was instrumental in championing the passage and implementation of policy actions aimed at advancing as well as normalizing blockchain technology and cryptos within the UK.
This spring, Sunak instructed the Royal Mint to set up an NFT backed by the government. The intention was for the Royal Mint to demonstrate its forward-looking nature despite the institution being older than a thousand years — and therefore being mistakenly regarded by some as old-fashioned.
He also played a critical role in the formulation of a bill intended to enhance as well as consolidate the position of the UK as a global leader in financial markets. That bill includes crypto-friendly provisions and, if passed and signed into law, could cement the UK as one of the most blockchain- and crypto-friendly nations in the world.
Given that any nascent industry needs enabling laws to guide its growth and keep from being proliferated by unscrupulous elements, the solid track record of Sunak sends good vibes to the cryptocurrency and general blockchain industry in the United Kingdom. Industry actors from around the globe such as HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) can look to the UK and take comfort in the fact that the right environment is being created in one country at a time, and therefore the industry can look forward to a solid future.
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