Crypto-Friendly Rishi Sunak Loses Race to Become UK PM — Is Liz Truss a Fan of Bitcoin?

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A crypto-friendly candidate has lost the race to become the United Kingdom's next prime minister.

Rishi Sunak — a former finance minister who spearheaded plans to recognize stablecoins as a valid payment method — was defeated by his Conservative rival Liz Truss.

During his time as chancellor, Sunak also declared that the Royal Mint — which is responsible for making the country's coins — would release a non-fungible token this year.

Some crypto analysts had predicted that a Sunak victory could play a pivotal role in helping the U.K. embrace digital assets.

But while the politician won a ballot of Conservative MPs, he wasn't as popular among the party's members, who were responsible for picking a new leader.

Liz Truss — who will succeed Boris Johnson as prime minister after meeting the Queen today — has made promising statements about cryptocurrencies in the past. Back in 2018, she had tweeted:

"We should welcome cryptocurrencies in a way that doesn't constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity."

And while International Trade Secretary in 2020, she launched a digital trade network and declared in the House of Commons that blockchain technology offered "great opportunities."

Although this could signal that Truss is something of a pro-crypto candidate, this is unlikely to be anywhere near the top of her priorities list.

The U.K. is currently grappling with surging levels of inflation and a cost of living crisis, exacerbated by surging energy prices.

The health service is also under strain, with workers across several industries going on strike in protest over a lack of pay rises.

All of this — when coupled with the war in Ukraine and divisions in the Conservative Party — means crypto may not get much attention for some time yet.