After the mess with the tax cut, Kwasi Kwarteng was fired as the UK’s Finance Minister.

Asian Trade TVOctober 15, 2022

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UK Finance Minister Kwasi Kwarteng was kicked out of parliament by the country’s new Prime Minister, Liz Truss. This was done to help the country get through the market and political chaos that has been going on.

The former Minister of Finance wrote a touching message on Twitter:

pic.twitter.com/4nvtyGWCoA
October 14, 2022 — Kwasi Kwarteng (@KwasiKwarteng)

Kwarteng sets a new record for the Finance Minister with the shortest time in office. His rule was only about six weeks long. Also, Kwarteng’s departure, who was a strong believer in crypto, makes it hard to tell what will happen to the country’s stablecoin laws in the future.

Related: The Finance Minister and the Ambassador of Qatar talk about the two countries’ economies.

In more detail, the U.K. government, which was led by Kwarteng, was looking at different ways to pass laws to regulate stablecoins and figure out what role crypto should play in the economy. The sudden departure means that the new minister will decide what will happen to draught laws that would regulate stablecoins. In early May, the Prime Minister’s Office put forward two bills that could be used to seize and regulate cryptocurrencies.

Jeremy Hunt, who was Health Secretary and Foreign Secretary before Kwarteng, will take over as the next Finance Minister. Chris Philp’s job as chief secretary to the Treasury was taken over by Edward Argar.

On September 23, Kwarteng announced a new fiscal strategy. This was in line with Truss’s plan for big tax cuts and changes to regulations to shock the economy out of its slow growth over the past few years. There are parts of the Financial Services and Markets Bill that will make these cryptocurrencies legal.

But a committee in the House of Commons was going to talk about the bill next Wednesday. Since Kwarteng has left, no one knows what will happen to it.