The UK government is considering banning the use of cryptocurrency for political donations to avoid external interference

According to Politico, the UK government is considering banning the use of cryptocurrencies for political donations to avoid foreign interference in the political donation system.

Previously, Reform UK became the first UK political party to accept cryptocurrency donations. Led by Farage, Reform UK has rapidly risen in UK polls and was the first to announce earlier this year that it would accept cryptocurrency donations as part of its commitment to the UK's "crypto revolution," having already received its first batch of crypto asset donations.

Although the upcoming Elections Bill policy document from the UK government initially did not mention a ban on cryptocurrency donations, three insiders have revealed that officials are currently discussing whether to completely prohibit funding UK politicians with cryptocurrencies.

Farage, the recognized actual leader of Reform UK, has long held some crypto assets himself. He has stated to the cryptocurrency industry that he is "the only hope for the UK crypto industry" and has attempted to emulate his long-time ally—U.S. President Trump’s broad embrace of cryptocurrencies.