The ruling Conservative Party in the United Kingdom has made Liz Truss their new leader, setting her up to replace Boris Johnson as prime minister.
Along with the US and Ukraine, the UK is the leader in the overall use of cryptocurrency in the world based on the number of crypto owners in a country, the global decentralized finance (DeFi) adoption index, the number of businesses that allow crypto payments, the number of Bitcoin (BTC) ATMs, and the monthly search volume of cryptocurrency terms.
During her time in office as foreign secretary, Truss advocated for an anti-regulatory approach to digital assets, saying in 2018 the U.K. “should welcome cryptocurrencies in a way that doesn't constrain their potential.”
We should welcome #cryptocurrencies in a way that doesn't constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity. #PolicyExchange #futureoffreedom #shakeup— Liz Truss (@trussliz) January 30, 2018
In her role as Secretary of State for International Trade, she also launched a digital trade network in 2020 that promotes fintech firms, among other measures.The shift in leadership comes as the country braces for an acute economic and cost of living crisis.
She reportedly said on Monday that she had “a bold plan” to cut taxes and grow the U.K.'s economy. The government is currently considering legislative paths to regulate stablecoins and crypto’s role in the country.
Queen Elizabeth II is expected to formally appoint Truss as the next prime minister on Tuesday after accepting Johnson’s resignation.