The UK has appointed Rishi Sunak as its new Prime Minister after much turmoil in the ministerial office over the last few months.

What reportedRishi Sunak made him the UK’s third prime minister this year, following Liz Truss’s resignation from the post last week. The newly appointed Prime Minister has got many cryptocurrency enthusiasts very excited as they hope this means the UK cryptocurrency market could move further under the Sunak regime.

Rishi Sunak is a former Goldman Sachs analyst who also served as chancellor between February 2020 and July 2022. In April this year, Sunak launched a proposal aiming to turn the UK into a crypto-friendly tech hub. In the proposal, Sunak encouraged the UK’s Royal Mint, the UK’s official coin maker, to release an official collection of the nation’s NFTs, an idea some have criticized as an “ill-judged gimmick.”

It also helped the UK make plans on how the UK government should regulate stablecoins so that they are recognized as a legal means of payment in the country.

“We want to see the businesses of tomorrow, and the jobs they create, here in the UK, and through effective regulation we can give them the confidence they need to think and invest for the long term,” said Rishi Sunak.

Before Sunak’s leadership victory, Liz Truss, who is now the former UK Prime Minister, announced his resignation, 44 days after taking office on September 6.

As reported by Blockchain.News, Truss’s resignation was prompted by errors in his proclaimed mini-budget and tax cuts that were announced by former Finance Minister Kwasi Kwarteng.

The policy, at that time, irritated the markets, with the stock Exchange registering unprecedented falls, a trend that also affected the pound sterling.

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