UK pro-crypto Prime Minister Liz Truss resigns October 25, 2022
UK pro-crypto Prime Minister Liz Truss resigns <br><br><br><br>
UK pro-crypto Prime Minister Liz Truss resigns
Serving six weeks on the job, UK Prime Minister Liz Truss resigns on Oct 20 after getting called out by at least twelve members of the Conservative Party. She will stay in power for another week.
The controversies over her new fiscal and energy policies, known as fracking led her to step down as the Prime Minister of the United Kingdom. This has rocked the country’s fate on sterling and stock market hanging, along with the regulatory bills on stablecoins and cryptos dangling.
The outgoing crypto-friendly leader said in a statement that a new leadership election will be completed within the next week. “I am resigning as leader of the Conservative Party. I will remain as prime minister until a successor has been chosen.” The leader will be elected via a leadership election on Oct. 28, 2022. Rishi Sunak, Former Chancellor of the Exchequer, and Penny Mordaunt, House of Commons leader, other leaders could end up with the top job.
On Wednesday, the much-awaited bill for the regulations of crypto assets as means of payments entered the committee stage as the government’s Financial Service and Market Bill.
When the prime minister made the announcement for the unfunded £45bn tax-cut program, the U.K’s gilt and the sterling market started to stagger. The sterling started to fall sharply as the announcement of the “mini-budget”, cut tax for wealthy Britons from 45% to 40%, was made. Further on, the pension funds relying on gilt markets got affected by the implications of the “mini-budget”, which obliged the Bank of England to step in as a “market-maker of last resort.” after all these developments Truss had to fire Kwasi Kwarteng as her former chancellor. On Oct. 19, 2022, Suella Braverman, Home Secretary was also forced to resign.
The UK sterling has gone to its lowest point in this market cycle, however, one Twitter trader, trader1sz, confirmed that the “Sterling bottom is in” for the UK currency, and from now it can only go up.
Bitcoin went up by about 0.6% to $19,311, and Ethereum went up by nearly 1% before dropping to $1,304 after the announcement has made. The Crypto future in the UK is uncertain as Truss has resigned.