The UK Finance Minister, Kwasi Kwarteng, has been removed as head of HM Treasury by Prime Minister Liz Truss after the disastrous financial consequences of his tax cut announcements in September ended being the crashing of the British Pound and a downward spiral in the UK markets.
A successor has already been named in the way of Jeremy Hunt, who has previously remarked himself as a ‘digital finance entrepreneur.’ He currently serves as the chairman of the House of Commons healthcare committee and was formerly the head of the Department of Health and Social Care.
In a statement posted online, Kwarteng said it “had been an honour to serve” even though his total time as the country’s head of finance only lasted 38 days.
The Financial Services and Markets Bill, which was originally announced by Rishi Sunak in April 2022, includes measures to give that would bring stablecoins (such as the dollar-pegged Tether or gold-pegged Paxos Gold) into regulation when used in the UK. Sunak planned to make the UK a ‘hub for cryptocurrency,’ although his plans have somewhat stalled since resigning in protest due to scandals forming around Boris Johnson, who was prime minister at the time of Sunak’s appointment.
The bill is due to be debated in the House of Commons committee next week, but this may end up being delayed. If so, it is unlikely to be delayed long as it is clear that Hunt will attempt to push the UK forward in the digital assets sector in a bid to attract institutions to the island nation.
With this news that Great Britain plans to attract cryptocurrency investors and protocols, new and existing projects that provide a solid platform to grow on will seek exposure to the British public.
One such newcomer is Uniglo. Currently in presale, the project is an asset-backed token with ultra-deflationary tokenomics that is designed to reduce supply daily with the aim of creating a steady value increase over time.
Uniglo will have a vault that is furnished with crypto assets from trading fees. This crypto will be used to purchase tokenized versions of real-world items, such as gold and watches after such things have proven to gain significant value over time with much more stability, a perfect way of backing the GLO token’s price.
For more in-depth information, there is also the Uniglo Medium page.
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