New finance minister Kwasi Kwarteng leaves crypto policy in the UK unclear

New finance minister Kwasi Kwarteng leaves crypto policy in the UK unclear

Kwasi Kwarteng, the new chancellor of exchequer or chief financial officer of the country, has been elected as leader of the Conservative Party and prime minister of United Kingdom Liz Truss.

Truss’ office announced Tuesday that Kwarteng was the next U.K. Finance Minister. This replaces Nadhim Zahawi who was chancellor at the exchequer for three month following Rishi Sunak’s resignation in July. Kwarteng, a Member since 2010, was the U.K. government’s secretary of state in business, energy, and industrial strategy.

The Rt Hon Kwasi Kwarteng MP @KwasiKwarteng has been appointed Chancellor of the Exchequer @HMTreasury.#Reshuffle pic.twitter.com/6YQy0YuQPs
— UK Prime Minister (@10DowningStreet) September 6, 2022

After Boris Johnson’s resignation, Queen Elizabeth officially appointed Truss the U.K. Prime Minister and First Lord of Treasury. Truss stated in 2018 that the U.K. should “welcome cryptocurrencies in an environment that doesn’t limit their potential”, but Zahawi has not publicly discussed his plans for crypto- and blockchain development in the country.

Related: BoE official compares crypto market regulation with ‘unsafe aircrafts’

A June 2021 report by the U.K. department of business energy and industrial strategy, in which Zahawi was secretary of state, stated that blockchain technology has “transformative potential” due to its ability to create trust in digital services. The government department announced funding of $61 million for projects that drive “data-driven innovation,” which includes the use blockchain in supply chain management, in July 2021.

The U.K. government is currently examining different legislative options to regulate stablecoins, and define crypto’s place in the economy. The prime minister’s office presented two bills in May on potential seizures and regulatory support for cryptocurrency.

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