The new cabinet of British Prime Minister Liz Truss is ready to support the development of the crypto industry

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Representatives of the new UK Cabinet of Ministers confirmed that the promise made by the previous government to turn the country into a cryptocurrency center will be fulfilled.

New UK governmentformed by Prime Minister Liz Truss, promised to take advantage of all opportunities associated with cryptocurrencies. The Financial Services and Markets Bill passed its second reading in Parliament this week and will be examined again by the relevant committee. The bill is intended to help regulators manage cryptocurrencies used for payments, such as stablecoins.

Liz Truss’s position was commented on by her personalSecretary Alexander Stafford, who said the Prime Minister had reaffirmed her commitment to cryptocurrencies and agreed to support the use of cryptocurrencies and blockchain technology, including customs, international trade and the storage of medical records.

Minister of Finance for Economic Affairs,Richard Fuller also reiterated the new UK administration's pro-crypto stance, saying the government wants the country to become the "dominant global crypto technology hub":

“We want to become a country of choice for those whoready to create, innovate and build projects in the crypto space. By making the country a welcoming place for crypto, we can attract investment, create new jobs and benefit from tax revenues.”

For the first time, a plan for legislative initiatives that will make the UK “a leader in cryptocurrency technology and innovation” was announced
in May, then Chancellor of the Exchequer Rishi Sunak(Rishi Sunak). According to him, the British Treasury is developing a regulatory framework for digital currencies that would encourage crypto business and provide the financial services industry with a leading position in the technology and innovation industries.