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- The Reform Party leader has disclosed that he would cancel the potential implementation of a CBDC and introduce a Crypto Assets and Digital Finance Bill in the UK.
- He has also confirmed that the party would accept crypto donations from eligible donors.
Reform Party leader Nigel Farage has disclosed his intention to make the UK a crypto hub if the party wins the next UK general election. According to the information detailed at the recently held Bitcoin Conference in Las Vegas, Farage hinted that he would introduce the Crypto Assets and Digital Finance Bill if he becomes the prime minister.
Despite the election expected to be held no later than August 2029, this disclosure has triggered excitement within the crypto industry. Meanwhile, Farage believes that this decision is not to satisfy his personal interest but to protect the over 30 million Britons who currently hold a crypto asset.
Shedding more light on the crypto exposure of the British population, Farage hinted that one in four people under the age of 30 holds a crypto asset. Mathematically, this represents 10% of the UK population. However, he believes that the current government has refused to catch up with the fast-growing ecosystem.
And yet our outdated Labour and Conservative governments have done nothing in this space at all. And what I want to do when we win the next election is bring us into the 21st century. We are going to launch a crypto revolution. We’re going to make London one of the major trading centres of the world. We’re deadly serious.
Our research shows that the UK is the third sovereign nation with the most Bitcoin holdings, with 61,245 BTC ($6.4 billion). The first is the US with 198,012 BTC, followed by China with 190,000 BTC. To take advantage of this, the head of Cavendish Investment Bank, Lisa Gordon, recently suggested that the UK impose taxes on crypto purchases, as discussed earlier.
More About Farage’s Interest in Crypto
To prove his interest in the asset class, Farage has disclosed that the Reform party would certainly accept donations in crypto from eligible crypto donors, making them the first political party in Britain to do this. To him, this underscores their commitment to improve innovation, just as witnessed in the US.
But as of now, people with Bitcoin can give us money, provided they’re eligible. And my message to the British public, my message, particularly to young people, is to help us to bring our country properly into the 21st century. Let’s recognize that crypto, bitcoin, and digital assets are here to stay.
Further speaking on this, Farage recounted when he first advocated for Bitcoin five years ago. According to him, the Financial Times and the Governor of the Bank of England all labelled the asset as a Ponzi scheme at that time.
Meanwhile, the UK has been working on a potential Central Bank Digital Currency (CBDC) just like several other countries. Fascinatingly, Farage expressed his strong disagreement with this initiative as he claimed its implementation would never happen when he became the Prime Minister.
When we win the next election, there’ll be a CBDC over my dead body.
Earlier, US President Donald Trump signed an executive order to establish a strategic Bitcoin reserve, as indicated in our previous news story. According to US lawmaker Bo Hines, this initiative establishes the dominance of the country over digital assets, as highlighted earlier. Basically, this appears to be the same plan sought to be achieved by Farage.
