NFTs have had a very interesting year in Britain. Back in April, the then-finance minister Rishi Sunak asked the Royal Mint to create NFTs that would be released during the summertime. While the assets have not yet seen the light of day, they did show how far they had come in terms of public acceptance within the U.K.
NFT fans were even more excited when Sunak was in the running to become the Prime Minister of Britain, though hopes were dashed when he initially lost the race. Now, that hope has been restored as, following the resignation of former officeholder Liz Truss, Sunak has been declared as Prime Minister of the U.K
Sunak as Prime Minister
In many ways, Sunak’s emergence as Prime Minister is historic in the U.K; he is the first Prime Minister of Asian descent, as well the youngest ever at 42. For blockchain and digital asset lovers, his win is also historic given that he is perhaps one of the most vocal supporters of NFTs to hold a position as a world leader. Even before NFTs were the top blockchain-based asset, Suank had been supportive of a potential Central Bank Digital Currency that he called the ‘Britcoin’ in the wake of the COVID-19 pandemic and the spike in digital payments as a result.
When he first contested for the role of Prime Minister, discussions had begun about what his win would mean for the industry. There has been a push for the U.K to become a hub for digital assets and this was further reiterated by a statement put out by the Royal Mint earlier this year.
“We are firmly committed to putting the UK at the forefront of crypto-asset technology and innovation by capitalising on the freedoms gained by leaving the European Union,” the statement said.
Sunak, following his pursuit of NTFs by the Royal Mint, seems committed to this vision as well as just a few days into his tenure, there is some encouraging news. The new Financial Services and Markets Bill which has been backed by Sunak would seek to create more regulations and oversight for the digital assets sector.
Seeing that regulations is one of the most pressing issues in the industry, such a bill makes sense. NFT lovers online are also currently hoping that as his tenure progresses, Suank will prioritise digital asset development within the U.K.
Sunak in NFTs’ Corner?
For many digital asset proponents, Rishi Sunak’s position offers a lot of hope because he seems to be one of the most vocal supporters of NFTs on the world stage. During his time as finance minister, he openly backed many blockchain-based initiatives and now that he has the powers of prime minister, there might be even more to come.
Given that we are only a few days into his tenure, it is all speculation for now but as time goes on, what Rishi Sunak means for NFTs will finally unravel.
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