Let’s talk about cryptocurrency and how it might be different now that Keir Starmer is the new Prime Minister in the UK.
If you have been following the evolution of digital money like me, this should be an interesting topic for you.
So first, a little bit of context.
In the UK elections, the Labour Party led by Keir Starmer emerged victorious. This is quite a change since the previous government was run by the Conservative Party which had its approach to handling cryptocurrencies. There may be changes with Labour now heading it, but exactly what these changes are remains uncertain.
Keir Starmer hasn’t said much about his plans for cryptocurrencies. This will make people guess. Some members of the crypto sphere postulate that compared to The conservative party, Labour may exhibit more openness towards digital innovations.
Why?
Well, generally Labour is thought not to be so much focused on extreme or strict market policies. This can imply greater flexibility regarding dealing with such new technologies as cryptocurrency, than other parties would permit them to show.
The Conservative government had intentions to execute new legislation that draws the lines between crypto exchanges and custodians. Crypto exchanges is where you can buy, sell, or store digital money. Users are more likely to be secure with these regulations, but companies will have more rules to deal with. Therefore, how the proposed laws will be handled by Labor is a subject of concern for many.
Starmer has many things to do as a prime minister. The UK is facing serious economic hurdles that he may want to address first. Therefore, it could mean that we won’t experience any significant moves on cryptocurrencies at once. This does not mean it can’t happen though. However, because of increased calls for regulation around digital assets in different parts of the world, it’s only a matter of time before this new government addresses this issue.
Will labor become more stringent or lenient compared to conservatives when regulating cryptos?
This seems like something nobody knows at the present moment.
What interests me is the tightrope Keir Starmer will have to walk. On one hand, some people view crypto as a dangerous game that needs strict laws in place to safeguard people and the market. On the other hand, some supporters believe the future of money lies in digital currencies and want more openness and innovation.
But as we wait for what happens next, it would be great to begin by considering what kind of future the majority would want to see for cryptocurrencies within Britain.