According to ChainCatcher, Politico reports that the UK government is considering banning the use of cryptocurrencies for political donations to prevent foreign interference in the political donation system.
The Reform Party in the UK previously became the first British political party to accept cryptocurrency donations. Led by Nigel Farage, the Reform Party has recently seen a rapid rise in UK polls. Earlier this year, it announced its acceptance of cryptocurrency donations as part of its commitment to a "crypto revolution" in the UK, and has already received its first batch of crypto asset donations.
Although the UK government's upcoming Elections Bill policy document did not initially mention a ban on cryptocurrency donations, three sources familiar with the matter revealed that officials are currently discussing whether to completely ban the use of cryptocurrency to fund British politicians.
Nigel Farage, the de facto leader of the UK's Reform Party, has long held some crypto assets. He once told the cryptocurrency industry that he was "the only hope for the UK's crypto industry" and tried to emulate his longtime ally, US President Trump, in his broad embrace of cryptocurrencies.
