UK ministers aim to ban cryptocurrency political donations over anonymity risks
9 days ago
- #political donations
- #cryptocurrency
- #electoral integrity
- Ministers are working to ban political donations made with cryptocurrency due to concerns over electoral integrity.
- The ban is unlikely to be ready for the upcoming elections bill, which includes measures like lowering the voting age to 16.
- Reform UK, led by Nigel Farage, is the first UK party to accept cryptocurrency donations, raising concerns about traceability.
- Government sources highlight difficulties in tracing cryptocurrency donations, fearing exploitation by foreign powers or criminals.
- The Electoral Commission initially viewed cryptocurrency donations as manageable but has grown increasingly skeptical about verifying their origins.
- Campaign groups warn that cryptocurrency donations pose risks to democracy, citing potential foreign interference and untraceable transactions.