The UK Labour Party has urged the government to ban cryptocurrency political donations in the upcoming election bill, citing concerns over foreign interference and transparency challenges. This call comes as Reform UK announced plans to accept Bitcoin and other cryptocurrencies starting May 2025, becoming the first British political party to do so. Labour committee chairs argue that crypto donations could undermine election integrity by enabling untraceable foreign funding.
Reform UK's policy, announced by Nigel Farage, aims to leverage financial innovation and attract younger, tech-savvy supporters. The party plans to use established payment processors to ensure transparency. However, Labour lawmakers warn that privacy-focused cryptocurrencies and mixing services could obscure donation origins, complicating regulatory oversight. The debate highlights the tension between embracing digital asset innovation and safeguarding democratic processes.
UK Labour Calls for Ban on Crypto Political Donations Amid Reform UK's New Policy
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