The UK government is considering banning cryptocurrency for political donations to avoid foreign interference

On December 2, Politico reported that the UK government is weighing a ban on cryptocurrency donations for political purposes to prevent foreign interference in the country’s political donation system. Earlier, Reform UK—led by Nigel Farage—became the first UK political party to accept crypto donations. The party, which has recently surged in UK polls, announced earlier this year it would take crypto donations as part of its “crypto revolution” pledge, and has now received its first cryptocurrency donations. While the UK government’s upcoming Elections Bill did not initially mention a crypto donation ban, three people familiar with the matter told Politico that officials are currently discussing a full ban on using cryptocurrency to fund UK political campaigns. Reform UK’s de facto leader, Nigel Farage, has long held cryptocurrency assets. He has told crypto industry players he’s the “only hope” for the UK’s crypto sector, and is looking to emulate his long-time ally, former U.S. President Donald Trump, by widely embracing cryptocurrency.