UK Lawmakers Advocate Ban on Cryptocurrency Political Donations

According to PANews, several UK lawmakers have recently called for a ban on the use of cryptocurrencies for political donations, citing concerns over their traceability and potential foreign interference. Cabinet Office Minister Pat McFadden emphasized the need for timely updates to existing legislation to ensure transparency and credibility in political financing. This call for action follows the announcement by the UK Reform Party that it would accept Bitcoin donations, which has attracted significant attention. Anti-corruption agencies have warned that allowing cryptocurrency donations could increase the risk of criminal funds entering the political sphere. Beyond the UK, countries like Ireland and certain states in the United States have already implemented bans on cryptocurrency political donations.