Significant setback for the UK's cryptocurrency community as Sunak and Glen leave the Boris administration

Significant setback for the UK's cryptocurrency community as Sunak and Glen leave the Boris administration | best app for trading cryptocurrency

The resignations of the Boris Jhonson government's Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen earlier this week could be a huge setback for the nation's cryptocurrency ecosystem.

The leaders behind making the United Kingdom the global centre for cryptocurrency were Sunak and Glen. Additionally, they had already developed a comprehensive plan earlier this year to strengthen the U.K.'s standing with crypto-friendly governments.

Crypto advocates are concerned about whether the administration would still move forward with its plans for cryptocurrencies now that both of them have resigned. The leader of the British business association CryptoUK, Ian Taylor, stated: "You don't develop successful policy without knowing what you're doing. We've come full circle.

Nadhim Zahawi succeeds Rishi Sunak as Chancellor of the Exchequer. Taylor, though, thinks that it would take longer than anticipated to accomplish the crypto drive, which involves regulating stablecoins.

The Exit, A Big Void by John Glen

The U.K. government has not yet named John Glen's replacement as the nation's de facto crypto czar. Glen was crucial in bridging the regulatory and cryptocurrency industries' divides. Glen has been a proponent of fintech for a very long time, relatively speaking, and generally "gets" what is required, according to Sarah Kocianski, an independent fintech strategy consultant. Filling his shoes will be more difficult because whoever succeeds him is likely to have far less experience in the field.

The British central bank, which has demanded stronger regulations in response to the $2 trillion loss from the cryptocurrency market, will be a difficult opponent for the new successors to cope with.