Odaily Planet Daily News: The Labour Party won the British general election in a landslide on Thursday, ending the Conservative Party's 14-year rule and appointing Keir Starmer as prime minister, but its legislative plan has made the direction of cryptocurrency regulation unclear. According to the BBC, the Labour Party won more than 326 seats required for a majority, and as of 6:00 am BST (5:00 UTC) on Friday, the Labour Party had won 388 seats, while the Conservative Party's seats fell to just under 100. Neither party mentioned the cryptocurrency industry in its pre-election manifestos. The Labour Party focused its energy on the economy, the police and the National Health Service. Due to the Conservative Party's long tenure in government, its position on cryptocurrency has become clearer. The party has said that it hopes the country will become a crypto hub, has formulated legislation that treats crypto as a regulated activity, and has consulted on future plans including stablecoin rules. Bim Afolami, the economic secretary to outgoing Prime Minister Rishi Sunak, has attended many fintech conferences and promised that the government will issue secondary legislation for stablecoins. The Labour Party said it would support the Bank of England's digital pound plan. Whether to issue a central bank digital currency (CBDC) will be decided by the central bank in 2025-2026. Before that, Parliament needs to approve appropriate legislation. (CoinDesk)
