After Liz Truss resigns from her ministerial position, what will happen to the United Kingdom’s crypto market? When Truss was U.K. secretary of state for international trade, she spoke about blockchain technology in a positive light during a house of commons debate.
This insinuated there would be significant changes for crypto in the U.K. on the horizon when Truss took over leadership of the U.K. However, now the newly appointed U.K. Prime Minister Rishi Sunak is reversing the changes she has made. What will happen to the potential change in crypto laws in the U.K.? And how will this affect cryptocurrencies such as Big Eyes Coin (BIG), Bitcoin (BTC) and Ethereum (ETH)?
Bitcoin Is Not Properly Regulated in the U.K.
Currently, cryptocurrencies as a whole are not adequately regulated in the United Kingdom. The U.K.’s Financial Conduct Authority (FCA) is continuously checking that Bitcoin and other altcoins firms are being thoroughly vetted to ensure they have an anti-money laundering and terrorist financing procedures in place. Apart from this, cryptocurrencies are highly unregulated in the U.K.
Although Truss has resigned, the new Prime Minister Rishi Sunak, who previously worked as a finance minister, also has a positive view of cryptocurrencies. Before becoming PM, Sunak stated, “The measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” whilst announcing a series of initiatives toward the government’s objective of turning the nation into a hub for cryptocurrency investments and technology.
Suppose the current Prime Minister keeps true to his previous claims and provides more regulation for cryptocurrencies. In that case, this may mean Bitcoin (BTC) could have more U.K. investors in the future who want to keep their money in a decentralised place.
Ethereum Could Be on the Rise in the U.K.
As mentioned, if the new Prime Minister Rishi Sunak keeps true to what he has previously stated whilst being a Finacial Minister, there may be a new era of crypto in the U.K. The initiatives stated previously could allow for more regulation of crypto firms.
Currently, there are 3.3 million people who own cryptocurrency in the U.K. With a population of 68.7 million people, the amount that own crypto is roughly 4.8%. If the regulations for crypto use change under the new PM, Ethereum sales could skyrocket.
Big Eyes Coin Could Make a Splash in the U.K.
Big Eyes Coin is a new cryptocurrency in the form of a meme coin. The decentralised crypto coin is an ECR-20 token. This means it is built on top of the Ethereum blockchain, making the coin secure and decentralised.
The coin will significantly benefit if the regulations change in the U.K. and will have more potential buyers. Having already raised $9 million in its pre-sale could cause the coin to tip over into double digits.
With the current economic climate in the U.K., there are better ideas than having your currency in the form of Great British Pounds. The GBP has crashed significantly and hit a record low in September with a value of £1, equating to $1.038.
This may cause people to want to convert their money to different currencies or, better yet, transfer it to a newer cryptocurrency like Big Eyes Coin. As the coin is a decentralised form of currency, people won’t have to worry about third-party control over their money at such a difficult time.
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