cryptocurrency and the UK's new prime minister

[Renampun]

newly inaugurated by the king of England, Sunak became the new British PM, but the issue of MPs urging Sunak to pass new rules on cryptocurrencies strengthened.

The House of Commons, the Parliament's lower house, met on Tuesday for a line-by-line reading of the proposed Financial Services and Markets Bill, which broadly covers the U.K.'s post-Brexit economic strategy. The lawmakers considered a list of proposed amendments to the bill, including one put forward by parliamentarian Andrew Griffith to include crypto assets in the scope of regulated financial services in the country.

The draft bill already included measures to extend existing regulations to payments-focused stablecoins, which are cryptocurrencies pegged to the value of other assets like the U.S. dollar or gold.

source----

In the article, British MPs focused on stablecoins as stable and secure cryptocurrencies. reading about it I was reminded of the CBDC issued by the UK (Britcoin) during Sunak's tenure as finance minister during the prime minister's Boris.

>> the fact about CBDC is that almost nothing goes smoothly even the Bahamas which issued the world's first CBDC also doesn't attract much interest.

Do you think this request will be approved by the new British Prime Minister and in the future, cryptocurrencies (not only stablecoins) will become regulated financial instruments in the UK, and will they make it like what South Africa did?

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[Fortify]

newly inaugurated by the king of England, Sunak became the new British PM, but the issue of MPs urging Sunak to pass new rules on cryptocurrencies strengthened.

The House of Commons, the Parliament's lower house, met on Tuesday for a line-by-line reading of the proposed Financial Services and Markets Bill, which broadly covers the U.K.'s post-Brexit economic strategy. The lawmakers considered a list of proposed amendments to the bill, including one put forward by parliamentarian Andrew Griffith to include crypto assets in the scope of regulated financial services in the country.

The draft bill already included measures to extend existing regulations to payments-focused stablecoins, which are cryptocurrencies pegged to the value of other assets like the U.S. dollar or gold.

>> the fact about CBDC is that almost nothing goes smoothly even the Bahamas which issued the world's first CBDC also doesn't attract much interest.

Do you think this request will be approved by the new British Prime Minister and in the future, cryptocurrencies (not only stablecoins) will become regulated financial instruments in the UK, and will they make it like what South Africa did?

It's definitely going to become more common that politicians will try to regulate cryptocurrency related activities, it is an "easy win" as far as they are concerned. The majority of their money will be sat in company shares, so what does it matter if some new regulation comes in, which can be sold as cracking down on money laundering or excessive energy wasting activities at the current time? They've been fairly hands off with cryptocurrency so far, but if they get the treasury or the bank of England saying it's a good idea, they'll jump at it. They'll put the burden on the big banks to monitor and trace these sort of activities, so there is little cost involved either.

[AmoreJaz]

It's definitely going to become more common that politicians will try to regulate cryptocurrency related activities, it is an "easy win" as far as they are concerned. The majority of their money will be sat in company shares, so what does it matter if some new regulation comes in, which can be sold as cracking down on money laundering or excessive energy wasting activities at the current time? They've been fairly hands off with cryptocurrency so far, but if they get the treasury or the bank of England saying it's a good idea, they'll jump at it. They'll put the burden on the big banks to monitor and trace these sort of activities, so there is little cost involved either.

what i am looking at here is the fact that the father-in-law of Sunak is the founder of Infosys, which is involve in IT services. which means, advancement in blockchain tech would be very much welcome to his agenda. but of course, the regulation from the government will always be there. i am just thinking that it won't be a problem to introduce blockchain tech and cryptocurrencies in their financial system because the new PM's family is already into the IT industry.

[Die_empty]

what i am looking at here is the fact that the father-in-law of Sunak is the founder of Infosys, which is involve in IT services. which means, advancement in blockchain tech would be very much welcome to his agenda. but of course, the regulation from the government will always be there. i am just thinking that it won't be a problem to introduce blockchain tech and cryptocurrencies in their financial system because the new PM's family is already into the IT industry.

Rishi Sunak might be the Head of Government but he is not an absolute ruler. His policies must be supported by the parliament for them to get the needed approval. He might be a supporter of blockchain technology but he must also have to convince the members of his party and others about the profitability of his policies. Stablecoins are backed by fiat and they are not decentralized like bitcoin, therefore much shouldn't be expected from this bill. All these laws are just targeted at regulating the crypto space which negates the goals or reason for the creation of bitcoin. Regardless of the reason behind this bill, the positive implication is that it would definitely create more awareness for the adoption of bitcoin and others.

[Darker45]

Well, as far as the headline itself is concerned, it seems it has already passed the House of Commons. I guess it would easily be approved when it reaches the House of Lords. But the most important details or contentious issues when this is already passed into law will definitely be the implementing rules and regulations that would be created by various implementing agencies. At the end of the day, it's just a matter of time when cryptocurrency will be regulated. Governments' can't turn a blind eye to its emergence forever. It's either they will resist or accept its rise.

[stoat]

The sunak is a globalist WEF agent planted as a goldman sachs manchurian candidate. the mask is off now. the UK is well on the path to becoming even more of a totalitarian hellscape

[fiulpro]

The sunak is a globalist WEF agent planted as a goldman sachs manchurian candidate. the mask is off now. the UK is well on the path to becoming even more of a totalitarian hellscape

He is a pawn for sure ! He also offered a place to Boris Johnson I heard which is weird. But !
It's not about UK's PM at the moment, we are talking more about cryptocurrencies here there is a reason to believe that things can be better especially for cryptocurrencies that are in use more than the others, one should also remember that at the end of the day there are caps on many things in Uk example:

1. Buying btc directly through your revoult is capped at a 1000 and you can only send it to 3 addresses of your own.
- Things like that shows that they are trying to limit everyone from using them indirectly I hope it does change a bit.

2. You also have to pay either 10% or 20% tax on your crypto gains, which is not ideal, Hopefully something will change soon.

[suzanne5223]

It is a piece of good news that the new UK PM is a crypto enthusiast which I believe is the reason why he was seen as the favorite person for the office by crypto investors as far as I am concerned cryptocurrency will be well recognized in the UK but this always comes with cons and pros.
The pros are that crypto will be widely used within the UK and more crypto jobs will be available but the cons are that will should all expect a different form of regulations.
This is what I always say to people if we want crypto to be mainstream of payment, we have to make some sacrifices ^{(welcome crypto regulation)}.

[hugeblack]

I think the UK is facing too many economic crises to leave them the luxury of looking at CBDCs, bitcoins, stablecoins or any other non-traditional form of financial instrument.

Also, all of Rishi Sunak's actions before he was appointed to this position and the previous statements are not linked, given that the economic failure now means political suicide for the party, and therefore they will not die to try new things or wander into the unknown.

In short, there will be no major change in the next two years.

[NeuroticFish]

For now UK seems more interested in the ways to tax crypto industry: [2022-10-26] UK Votes in Favor of Recognizing Crypto as Regulated Financial Instruments

While properly enforcing stable coins' legal status (by ensuring they're properly backed) would be a good development, I don't think that's a priority for them now; financial crisis is knocking at the door and they have to take care of the citizen and businesses.
And I fear that all they'll do on crypto's legal direction - when they'll have time for it - will be to ensure their CBDCs path is smooth for release, although I agree that probably won't happen too soon (hence we still have a chance).
I don't have expectations from that new PM. Plus, let's see if he's still there after 44 days, you know...

[electronicash]

It's definitely going to become more common that politicians will try to regulate cryptocurrency related activities, it is an "easy win" as far as they are concerned. The majority of their money will be sat in company shares, so what does it matter if some new regulation comes in, which can be sold as cracking down on money laundering or excessive energy wasting activities at the current time? They've been fairly hands off with cryptocurrency so far, but if they get the treasury or the bank of England saying it's a good idea, they'll jump at it. They'll put the burden on the big banks to monitor and trace these sort of activities, so there is little cost involved either.

what i am looking at here is the fact that the father-in-law of Sunak is the founder of Infosys, which is involve in IT services. which means, advancement in blockchain tech would be very much welcome to his agenda. but of course, the regulation from the government will always be there. i am just thinking that it won't be a problem to introduce blockchain tech and cryptocurrencies in their financial system because the new PM's family is already into the IT industry.

amazing how coincident this could be since Infosys is also the IT company that developed national ID system. there is no better way to connect the dot here but looking into the backgrounds of the leaders.

they already have a database ready before they finally launch the CBDC. so anyone speaks against another proposed bill, they regret what will happen to their freedom.

[justdimin]

The sunak is a globalist WEF agent planted as a goldman sachs manchurian candidate. the mask is off now. the UK is well on the path to becoming even more of a totalitarian hellscape

He is a pawn for sure ! He also offered a place to Boris Johnson I heard which is weird. But !
It's not about UK's PM at the moment, we are talking more about cryptocurrencies here there is a reason to believe that things can be better especially for cryptocurrencies that are in use more than the others, one should also remember that at the end of the day there are caps on many things in Uk example:

1. Buying btc directly through your revoult is capped at a 1000 and you can only send it to 3 addresses of your own.
- Things like that shows that they are trying to limit everyone from using them indirectly I hope it does change a bit.

2. You also have to pay either 10% or 20% tax on your crypto gains, which is not ideal, Hopefully something will change soon.

I never believed that any of them weren't a pawn, if you are leader of a big nation, only even bigger names could get you there, which is usually rich business people who own a lot of stuff. Look at the media owners, many of the tv channels and newspapers are owned by the same people, and they are the ones who get you to the top and you help them after you get to top or they will make you look terrible on papers and help you remembered as a horrible prime minister.

Maybe Liz Truss was exception, she didn't want to handle that and left. This new Sunak guy will do whatever asked of him, which won't really turn crypto too much in a good or bad way neither, but he will do whatever is asked of him.

[arallmuus]

For now UK seems more interested in the ways to tax crypto industry: [2022-10-26] UK Votes in Favor of Recognizing Crypto as Regulated Financial Instruments

Its about time though. I'd pretty much love if all the other countries would follow this step by recoqnizing cryptocurrency in a way or another then tax it rather than banning it or completely label it as some sort of illegal stuff. Although taxes in some countries could be horrible but atleast its a good start for now because things could get better eventually

I don't have expectations from that new PM. Plus, let's see if he's still there after 44 days, you know...

He has alot of good reputations on his back so I dont think that he would tarnish his name or atleast wont do anything stupid to begin with. He would last long enough but probably wont be making anything major out of his reign

[coupable]

The new head of government of the United Kingdom or any other federal republic cannot deviate from the general policies pursued by the state, and for that I am not very optimistic about the transformation that is currently taking place in the United Kingdom, especially if it revolves partly around the prime ministers, which cannot in any way draw up The state’s general policies without reference to its party ideology and its alliances within the parliament and the local political arena .

[goaldigger]

I think the UK is facing too many economic crises to leave them the luxury of looking at CBDCs, bitcoins, stablecoins or any other non-traditional form of financial instrument.

Also, all of Rishi Sunak's actions before he was appointed to this position and the previous statements are not linked, given that the economic failure now means political suicide for the party, and therefore they will not die to try new things or wander into the unknown.

In short, there will be no major change in the next two years.

Their focus will not be on cryptocurrency most probably, they are dealing with a lot of problems already and better for them to solve it first but I think some agency will still work with crypto and we cannot stop them from doing that. Maybe they also saw some opportunity to lessen the problem economically by regulating cryptocurrency, let’s just see their movements about this. The new PM probably will talk more about crypto considering his side before with this technology, let’s just hope that it will be for the benefits of everybody.

[trendcoin]

There will always be some problems and tensions between Cryptocurrencies and authority. I think the important thing is the general opinion of the government officials towards cryptocurrencies. Minor problems can be overcome over time... I know that the new Prime Minister of the UK Sunak has a positive opinion towards cryptocurrencies. Therefore, I consider the situation as a good development. We have to admit that Sunak is someone who surprised the whole world because of his position. I think he can continue to surprise everyone by continuing to be brave about cryptocurrencies...