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Rishi Sunak: What are his plans for crypto and CBDC?

 


In England there is a new prime minister as often as in recent times. Now that Boris Johnson is no longer returning to his old post, ex-Finance Minister Rishi Sunak has become the new head of government.


However, he already has a name in crypto space when he published his very own plans for a crypto hub in Great Britain in April 2022 .


Plans for crypto and CBDC

But what exactly are Rishi Sunak's plans? Specifically, his ministry has been investigating the introduction of CBDCs, i.e. central bank coins, since 2020. Furthermore, Sunak has already advocated the use of NFTs. The acceptance of stablecoins as a means of payment was already on Sunak's agenda.


According to his own statements, with his plans at the time he primarily wanted to support fintech start-ups in scaling and thus bring Great Britain back to the forefront of digitization. Also, creating a regulated crypto hub on the island should make the country more attractive to many people.


Will there be an implementation?

But crypto enthusiasts will have to hold back their joy or horror at the new plans. After all, Great Britain is currently in a massive government crisis and the country is still struggling with the consequences of Brexit. In addition, the population is becoming increasingly dissatisfied and only recently almost the entire British financial sector collapsed.


Therefore, it is unlikely that there will be any major changes in the near future, although this may be a matter close to Sunak's heart. Due to the various government crises, the aforementioned plans have either not been implemented at all or only to a limited extent. Only when the current prime minister weathers this storm and is still in office can we think about such an implementation.

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