Kwasi Kwarteng has been recently appointed as the newest chancellor of the exchequer or chief financial minister of the U.K., by Liz Truss, the recently elected Conservative Party Leader and Prime Minister of the nation.
Kwarteng effectively become the successor of Nadhim Zahawi, who filled in as chancellor of the exchequer in July for three months after Rishi Sunak resigned, according to a statement released by Truss’ office on Tuesday.
In addition to serving as a Member of Parliament since 2010, Kwarteng most recently served as the government’s minister of state for business, energy and industrial strategy.
Following Boris Johnson’s resignation on Tuesday, Truss was formally named as the next United Kingdom and first lord of the treasury by Queen Elizabeth.
While Zahawi has remained silent in public about his plans for crypto and blockchain in the U.K., Truss once stated in 2018 that the government “should welcome cryptocurrencies without impeding their potential.”
During Zahawi’s term as secretary of state, the department of business, energy, and industrial strategy published the report on U.K.’s innovation strategy in June 2021 that argued that blockchain technology had “transformative potential,” citing its capacity to increase trust in digital services.
The government department announced a $61 million funding in July 2021 for projects promoting “data-driven innovations”, which include the application of blockchain to supply chains.
At present, the U.K. government is taking different several legislative approaches to regulate stablecoins and establish crypto space in the economy. The office of prime minister submitted two bills in May regarding the potential seizure of cryptocurrencies and regulating support for them.
