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The former British chancellor promises to fix the collapsed British economy… How will it affect the crypto market?

The former British chancellor promises to fix the collapsed British economy… How will it affect the crypto market?

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Answer The former British chancellor promises to fix the collapsed British economy… How will it affect the crypto market?

Last week, British Acting Prime Minister Les Truss announced her resignation after 45 days in office.

According to recent developments, former British chancellor Rishi Sunak is likely to take over.

Advertise “Sonak” in his tweet Finally, he will do everything in his power to protect the faltering economy in the United Kingdom.

Rishi Sunak wrote:

The UK is a great country but we are facing a deep economic crisis.

That is why I stand to be the leader of the Conservative Party and your next prime minister.

Read:Study: 33% of American Women Will Buy Cryptocurrency in 2022

I want to reform our economy, unite our party, and provide assistance to our country.

However, Britain’s Conservative Party has yet to reach a final decision with former Prime Minister Boris Johnson back in the game.

In his letter, he told Sunak:

The opportunities that lie ahead are enormous.

The pro-crypto prime minister’s candidate did not say what opportunities he saw in the future to reform the British economy.

The appointment of Sunak as Prime Minister in the office may be good news for fans of the cryptocurrency market in general.

In the past, Sunak has been open about embracing crypto innovation and guiding Britain forward for economic freedom.

Transform the UK into a cryptocurrency hub:

Earlier this year in April, Sunak proposed some major steps to make the UK a hub for cryptocurrency technology.

The British government has already outlined measures that will help companies invest, innovate and expand in the cryptocurrency space.

If Sunak sticks to its plans, we can expect more regulatory clarity in this area.

Read:UK Supreme Court orders closure of two companies involved in cryptocurrency fraud

As we have seen recently, big crypto companies like Coinbase have been moving to the UK and open crypto policies could encourage more companies to set up base and headquarters in the region.

Sunak said:

We want to see tomorrow’s businesses – and the jobs they create – here in the UK, and with effective regulation we can give them the confidence they need to think and invest for the long term.

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