The UK wants to become a global center for crypto assets, but the resignation of Boris Johnson could derail that plan.
Boris Johnson has resigned from his post as prime minister of the United Kingdom during a very tumultuous week when many ministers resigned from their government after several scandals. And this could have implications for the various cryptocurrency projects taking place in the country.
UK wants to become a global center for crypto assets
According to the Deputy Governor of the Bank of England, Sir John Cunliff, the United Kingdom is still on its way to establishing a stablecoin regulation system. Speaking at the Qatar Center for Global Banking and Finance’s annual conference, Sir John Cunliffe acknowledged, however, that “recent events”have indeed affected those plans.
However, he said the law in question would be introduced before the summer recess of parliament. The Ministry of Finance will lead discussions on these measures, along with the central bank, the Financial Conduct Authority and the payment systems regulator.
The UK’s ambition to become a “global center for crypto assets”was called into question more recently when Chancellor Rishi Sunak announced his resignation. Last April, he unveiled a plan to ensure that stablecoins become an accepted form of payment in the UK, and the Royal Mint has been tasked with issuing a non-fungible token this summer.
Some politicians are urging the government to urgently address the regulation of cryptocurrencies, saying that this could give the country a certain advantage after the UK leaves the European Union.
but the resignation of Boris Johnson could derail that plan
Confusion now reigns in Westminster after some of Boris Johnson’s closest allies urged him to step down. However, the warring leader has expressed a desire to remain in power until a successor is found, which could last until October. Some Tories are planning maneuvers that could oust Boris Johnson much sooner than expected.
However, it is unclear if Sir John Cunliffe’s stance on stablecoin regulation has changed since Boris Johnson confirmed his departure. To be continued!