Incoming UK Prime Minister Rishi Sunak Is a Crypto Believer

Credit: James Spiro

The incoming Prime Minister of the United Kingdom — the world’s sixth-largest economy — is a firm crypto believer and rumored to be richer than King Charles.

Rishi Sunak, who was defeated by Liz Truss on September 5th, is set to take office within days after Truss resigned after just 45 days of serving. And by all indications, this is good news for the crypto industry.

From early 2020 to July 5th of this year, Sunak was Chancellor of the Exchequer before resigning during a scandal that toppled Boris Johnson’s government. During this period, Sunak regularly voiced his support for crypto adoption and even spoke in April about a proposed regulatory reform for stablecoins.

Sunak stated that it was the goal to make Britain a “global hub for crypto-asset technology” so that the U.K. could continue to be a leader in “technology and innovation.” Sunak also discussed the possibility of a central bank digital currency and made Web3 headlines when he commissioned the Royal Mint to mint a non-fungible token (NFT) before the end of the 2022.

Furthermore, during his time as Chancellor of the Exchequer, Sunak oversaw the Financial Services and Markets Bill, which provides regulations for stablecoins and crypto assets, and is now making its way through Parliament.

Sunak is no stranger to being a pioneer. At only 42 years of age, he is set to become the youngest Prime Minister in modern U.K. history, and with a combined net worth estimated at $824 million dollars, he will also be the wealthiest British Prime Minister to take office.

Countries Supporting Web3 Technology on the Rise

The fact the new Prime Minister of one of the world’s biggest economies is a crypto and NFT supporter should excite fans of Web3. But Rishi Sunak isn’t the only world leader that’s been bullish on nascent technologies. At Rarity Sniper, we’ve covered several articles about countries investing in Web3, NFTs, blockchain technology, and the metaverse. Here are our top three stories.

About eight months ago, South Korea’s Ministry of ICT, Science, and Future Planning pledged $186.7 million to create a metaverse ecosystem within the country. The funds will be used to build a state-sponsored metaverse platform that will expand the growth of digital media, education, and virtual cities in the country.

Next, Colombia recently partnered with Ripple Labs, creators of $XRP cryptocurrency, to store land deeds on the blockchain. The move comes as part of an effort to make land documents in Latin American more transparent and immutable.

Finally, just two weeks ago, the Prime Minister of Japan, Fumio Kishida, made a speech stating that the island country is investing in several Web3 technologies. He said the digital transformation would implement NFT technology to help local authorities solve problems as well as promote the metaverse and NFT technology within the country.

Although Rishi Sunak still hasn’t taken office and it will take time to see what moves he makes in the crypto and NFT space, a young leader with an optimistic take on crypto and new technologies is big news for the U.K. and the world. We’ll be following up on any new developments in the story, but for now, it looks like NFT and crypto enthusiast in the U.K. have reason to celebrate.