After Liz Truss steps down as minister, what will happen to the UK crypto market? When Truss was UK Secretary of State for International Trade, she spoke about blockchain technology in a positive light during a debate in the House of Commons.
This hinted that there would be significant changes for UK crypto on the horizon when Truss took over as UK helm. However, now the new British Prime Minister Rishi Sunak is reversing the changes she made. What will happen to the potential change in UK crypto laws? And how will this affect cryptocurrencies such as Big Eyes Coin (BIG), Bitcoin (BTC) and Ethereum (ETH)?
Bitcoin is not properly regulated in the UK
Currently, cryptocurrencies as a whole are not properly regulated in the UK. The UK’s Financial Conduct Authority (FCA) continuously checks that Bitcoin and other altcoin companies are carefully vetted to ensure they have anti-money laundering and anti-terrorist financing procedures in place . Other than that, cryptocurrencies are very loosely regulated in the UK
Although Truss has resigned, new Prime Minister Rishi Sunak, who previously worked as finance minister, also has a positive view on cryptocurrencies. Before becoming prime minister, Sunak said, “The measures we have outlined today will help ensure that businesses can invest, innovate and grow in this country”, while announcing a series of initiatives towards the goal of the government to turn the country into a hub for cryptocurrency investments and technology.
Suppose the current Prime Minister sticks to his previous claims and provides more regulation for cryptocurrencies. In this case, it may mean that Bitcoin (BTC) may have more UK investors in the future who want to keep their money somewhere decentralized.
Ethereum could be on the rise in the UK
As mentioned, if new Prime Minister Rishi Sunak stays true to what he previously said when he was finance minister, there could be a new era of crypto in the UK. The initiatives outlined earlier could allow for greater regulation of crypto businesses.
Currently, there are 3.3 million people who own cryptocurrency in the UK. With a population of 68.7 million people, the amount that owns crypto is around 4.8%. If regulations around the use of crypto change under the new PM, Ethereum sales could skyrocket.
The Big Eyes coin could cause a stir in the UK
Big Eyes Coin is a new cryptocurrency in the form of a meme coin. The decentralized cryptocurrency is an ECR-20 token. This means that it is built on top of the Ethereum blockchain, which makes the coin secure and decentralized.
The coin will benefit significantly if regulations change in the UK and will have more potential buyers. Having already raised $9 million in its pre-sale could swing the coin into double digits.
With the current economic climate in the UK, there are better ideas than having your currency in the form of pounds sterling. The GBP crashed significantly and hit an all-time high in September with a value of £1, which is equivalent to $1.038.
This can lead people to want to convert their money to different currencies or, even better, transfer it to a newer cryptocurrency like Big Eyes Coin. As the coin is a decentralized form of currency, people won’t have to worry about third-party control of their money at such a difficult time.
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Big Eyed Coin (BIG)
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