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UK’s Truss Picks Kwasi Kwarteng to Be Finance Minister
Since 2021, Kwarteng has overseen the government’s business, energy and industrial strategy department, which has supported blockchain innovation.
U.K. Prime Minister Liz Truss named Kwasi Kwarteng as the country's next finance minister.
The governing Conservative Party picked Truss as leader of the party and the country’s prime minister on Monday. Johnson was pushed to resign after his government turned against him earlier this year. One of Truss’ first duties is to select her cabinet.
STORY CONTINUES BELOW
Kwarteng supported Truss’ campaign and is currently the secretary of state for business, energy and industrial strategy. As the new Treasury department head, Kwarteng will have to tackle high inflation and a recession.
Former Finance Minister Rishi Sunak had plans to turn the country into a crypto hub before he resigned from the government in July. It is unclear to what extent Kwarteng supports Sunak’s crypto vision for the country.
However, in a report from June 2021, Kwarteng’s department identified blockchain systems as one of the “seven technology families that will transform our economy in the future.” In July, his previous department announced a 53 million British pound (US$61.3 million) fund for supporting technological innovation, including the use of blockchain in supply chains.
Read more: UK Crypto Industry Welcomes New Stablecoin Rules, Awaits Guidance
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
