Mary Elizabeth Truss (Liz Truss) became the third woman to serve as Prime Minister of the United Kingdom. Queen Elizabeth II will appoint him as PM on 6 September. With this, the rule of former PM Boris Johnson has ended today. Expectations on reforms such as tax cuts, the energy crisis, and other long-term issues for economic growth have risen with the truce taking over the UK. In particular, the crypto market also believes that the new role of the truce could drive digital assets and bring policy changes that do not inhibit their potential.
In 2018, before becoming PM of the United Kingdom, Truss made positive remarks cryptocurrency in his tweets.
He tweeted on January 30, 2018, “We must welcome cryptocurrencies in a way that does not impede their potential.” To increase the potential of cryptocurrencies, the truce suggested freeing up areas of free enterprise by removing rules that restrict prosperity.
The Conservative Party leader has been serving as Secretary of State for Foreign, Commonwealth and Development Affairs since 2021 and as Minister of Women and Equality since 2019. He has held cabinet roles under Prime Ministers David Cameron, Theresa May and. boris johnson,
He won the election by defeating rival Rishi Sunak, the former Chancellor of the Exchequer.
What does the appointment of Liz Truss as UK PM mean for cryptocurrency?
Dilip Seinberg, Founder and CEO of Muffinpay, Bill Payment & Utility Crypto, said, “The newly elected Prime Minister of the UK, Liz Truss, gave her thumbs up to cryptocurrencies in 2018, but we must wait for her latest stance as it has been four years. In addition, he is responsible for meeting the expectations of his fellow citizens and representing a nation on global forums. There is much more to do, and we hope that something positive will emerge in the days to come.”
However, Seinberg also said, “Her election to represent the UK will boost the government’s agenda for digital assets. She could be at the forefront and emerge as the new voice of crypto-led discussions on a global scale.” can, and the UK, a major G20 nation, can lead in that direction.”
Furthermore, Seinberg said, “Truss has been an anti-regulatory personality at the core of crypto assets. . If Truss had a vision, she would take it as a mission.”
“May a friendly and comprehensive approach be on the plate in the coming days,” he said.
crypto market updates
On Monday, the global cryptocurrency market is currently trading on a positive note in terms of both valuation and volume. Market giants Bitcoin and Ethereum were also in the green.
At the time of writing, the global market capitalization is approximately $982.95 billion, an increase of 0.75% over the previous day. Meanwhile, according to CoinMarketCap, the total crypto market volume increased by 18.70% to $53.27 billion in the last 24 hours. Bitcoin is near $19,900 and is up about 1% in 24 hours. While Ethereum is up over 3% and is performing at a little over $1,600.
The cryptocurrency market is a unique platform for investing with great potential. Both the private and public sectors are moving to cryptocurrencies as they accelerate the revolution in financial services. They are gaining momentum in terms of trading, investing, buying and selling goods and lending among others.
However, regulatory norms – coupled with lack of clarity in terms of data and management – have some drawbacks. Cryptocurrencies are highly risky, and operate sensitively, as compared to other regulated market-related instruments.
Currently, according to CoinMarketCap data, there are 20,865 cryptocurrencies with 525 exchanges.
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