Eager To Remove ‘Londongrad’ Tag, British Government Now Promotes ‘UK Crypto’

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Last Updated on 12 April 2022 by CryptoTips.eu

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Just as Bitcoin, Ether and all major altcoins are facing quite gripping falls, the UK government did a 360° turn on crypto and is now welcoming the industry.

It was possibly the 60 minutes episode of last week that explained in detail to all US viewers how well Russian billionaires and the ‘City of London’, the financial heart of the British isles, were connected, that pushed the Conversative government of Prime Minister Boris Johnson over the edge. For years, the UK had welcomed the monies of persons like Roman Abramovich and Mikhail Fridman, earning themselves the nickname ‘Londongrad’ in essence.

60 minutes is still seen by many as the benchmark of global reporting and labelled “one of the most esteemed news magazines on American television”. Viewership among ‘high spenders’ is substantial, which means any issue that receives a criticism from the program, is better off making some changes or risk financial backlash. London thus had to follow suit.

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UK crypto

During all these years of accepting Russian money, London and the UK government were at the same time highly critical of crypto. But now an about-turn can be seen on effectively those two issues. All of a sudden the UK government, in line with European and US, aka western policy vis-à-vis Kremlin-linked business figures, imposed stiff sanctions on the oligarchs.

Secondly, to the astonishment of many as well, the Conservatives are now actively promoting “UK Crypto”, an effort to “seize the capitalist energy” of the City of London and make the UK a “hospitable place for crypto”.

Whilst also dealing with a tax scandal, Chancellor of the Exchequer Rishi Sunak declared:

It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.

We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.

As the Financial Times summarized yesterday, that’s out with the oligarchs. In with the cryptogarchs.

That’s a 360° degree turn indeed. But of course one that the cryptosphere can only welcome.

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