Crypto-friendly Liz Truss Elected As UK’s New Prime Minister

Liz Truss is set to become the next Prime Minister of the United Kingdom after winning the election to replace Boris Johnson as Conservative Party leader.

It is quite possible that Ms. Truss' response to the cost of living crisis, which she promised to undertake within days of taking office, might define both her premiership and her chances of securing a mandate in the subsequent general election.

Interestingly, those in the cryptocurrency field are particularly interested in how Britain's new prime minister will deal with cryptocurrencies.

In 2018, she tweeted that "we need to adopt cryptocurrencies in a way that does not limit their potential" and that "we need to unleash free enterprise by abolishing laws that stifle prosperity."

UK and crypto

Notably, a recent survey revealed that the United Kingdom, along with the United States and Ukraine, is a global leader in the use of cryptocurrency. The study took into consideration a number of cryptocurrency owners in a nation, the worldwide decentralized finance (DeFi) adoption index, the number of companies that accept crypto payments, the number of Bitcoin ATMs, and the monthly search volume of cryptocurrency phrases.

Interestingly, in view of the booming crypto industry, a UK Parliamentary Group launched an inquiry in August into greater crypto legislation.

Truss to deal with the rising energy crisis

It's also worth noting that Truss' campaign for party leadership has not been without controversy. When asked how she would solve the issue of growing living costs, she stated that she would focus her efforts on cutting the tax burden rather than handing out handouts.

Apparently, the members of Liz Truss' team appear to have already shifted their emphasis to the urgent task of announcing what type of aid may be on the way to help consumers with their ever-increasing energy prices.

Truss has promised to provide a strategy within a week, with recommendations for reducing domestic energy bills as well as improving the country's long-term energy supplies.

On August 31, CoinGabbar reported that the UK economy is on the edge of stagflation as it phases out Russian energy imports while dealing with rising energy and food expenses, decreasing household spending power, and decreasing savings rates with difficult-to-come-by financing.

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