Jamie McNeill
Liz Truss has been announced as the new UK Prime Minister, and many have been speculating over what her stance on cryptocurrencies will be.
Liz Truss becomes the UK Prime Minister
Liz Truss, the former foreign secretary, has become the British Prime Minister and she has had quite a hectic time.
Her predecessor, Boris Johnson, was ousted from his position after being so morally bankrupt and mired in so many controversies that it became very difficult for him to continue as a leader.
Since assuming office, Truss has had to contend with the cost of living crisis and the extremely high energy bills that are affecting millions of people around the country.
Not only that, but within a couple of days of starting her position, she was presided over the death of HM Queen Elizabeth II, an event that shocked the world.
Truss’ supporters are also supportive of crypto
For those who were hoping for a positive regulatory stance on the world of crypto, Truss’ government appears to have been a Godsend.
In recent months there have been many MPs in the House of Commons clamouring for attention and talking about the merits of the cryptocurrency industry.
The disgraced former Health Secretary, Matt Hancock, who presided over a period of shocking incompetence before being forced to resign after being recorded having an affair in his office, has been very vocal about his support for the cryptocurrency industry.
He is not the most credible proponent that people could have hoped for. There are many questions of corruption that surround him, and his reputation is tainted not only because he is believed to be weak and useless, but also because he is believed to be disingenuine and corrupt. For example, there are many questions that are yet to be answered about his role during the pandemic, and the extent to which he issues favourable government contracts to his friends.
His brother works in cryptocurrency full time, and according to his LinkedIn profile, purports to be working on “a new generation of investments to pioneer a cultural shift away from the traditional banking systems”.
The British government has other priorities at the moment
All governments around the world struggle with a range of priorities that they must contend with on a day-to-day basis, and the Truss government is no different.
Within her first week as Prime Minister, Truss has not only been forced to contend with the ongoing war in Ukraine, but also the energy crisis that is underway, and the death of the sovereign, Queen Elizabeth the Second.
Understandably, the Prime Minister appears more focused on some of her other objectives, rather than focusing specifically on the world of cryptocurrency right now.
However, that is the point of a free market: innovation tends not to happen because of the state, but in spite of it. Truss professes herself to be a free marketeer, and the new Chancellor Kwasi Kwarteng is a very proud advocate of the free market too.
Are CBDCs on the horizon?
The last Chancellor of the Exchequer, Rishi Sunak, also campaigned to be the Prime Minister, but did not win the support of the party given his insincerity, the fact that he presided over the downfall of the economy in the first place, his ties to the World Economic Forum, and his profligate use of public funds, which was extremely myopic.
As Chancellor of the Exchequer, Rishi Sunak announced that the UK would be introducing a new currency which was to be known as Britcoin.
Britcoin is to be a CBDC, which means that it is quintessentially the same thing as normal fiat, except that anyone who uses it has far inferior property rights than they had before, and the state has a lot more power over the individual.
When the announcement was made, the British public rightfully ridiculed the idea. Not only was the name “Britcoin” clearly piggybacking on the success of Bitcoin, but the announcement exposed the overt nature of how a currency can be used to try and accumulate more power and control.
Since then, Sunak has spoken extraordinarily little about the subject. It didn’t come up once during his campaign, which either shows that he felt more confident talking about other subjects, or that nobody is interested in Britcoin in the first place.
It may well be that rather than heading straight into a CBDC dystopia, the crypto market is allowed to grow in order to resolve instability and uncertainty with a stronger free market approach. If this is what Truss truly believes in, and what she does, the UK will do very well, and could well start a golden era in crypto.
Certainly, the UK has huge advantages over other countries. Brexit has been a great liberator for the British people, who are free to make their own laws as they choose – had the UK not left the EU, British citizens would now be subject to the same dystopian regulatory nonsense that the rest of Europe is currently being subjected to, particularly with regard to cryptocurrencies.
Relevant news:
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- Crypto and NFTs – UK Law Commission Review to Maintain ‘Dynamic, Flexible’ Approach for Personal Property
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This article was written for Business 2 Community by Jamie McNeill.
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