Far-Right Leader Proposes Bitcoin Reserve at the Bank of England
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min read ▪ by
The United Kingdom excels in regulatory offices but lags on the field. It meticulously refines crypto frameworks akin to an obsessive tax auditor. Yet, it still holds back. The anticipated adoption of this technology—lauded, regulated—remains sluggish. The significant advancements are coming from unexpected quarters. It’s the far right that is sidelining traditional banks and embracing crypto. Nigel Farage, the Eurosceptic provocateur, seamlessly transitions from the City to Web3.
In brief
Nigel Farage, the far-right leader, introduces a bill to incorporate crypto into British finance.
Reform UK is now accepting donations via Bitcoin and Ethereum.
The legislation proposes a national Bitcoin reserve at the Bank of England.
25% of young Britons hold crypto-assets, a target for Farage’s electoral ambitions.
The “Crypto Assets Bill”: a digital revolution heralded by the far right
This bill is more than a mere campaign tool; it is a well-structured and provocative initiative. A first in British political history. Farage intends to channel Bitcoin into the state’s veins, advocating for a sovereign reserve at the Central Bank, despite the current government’s dismissal.
He proposes a reduced capital gains tax of 10% on crypto. Additionally, he aims to prohibit banks from shutting down accounts linked to Web3. A provisional two-year regulatory sandbox is envisioned as a launching pad.
The aim? Dismantle barriers. Create a welcoming environment for blockchain in England. Above all, establish credibility. This initiative is not hastily conceived; it reflects a steadfast belief. “Bitcoin signifies freedom,” he emphasizes, recalling his own experiences of banking exclusion. He politicizes this attack, transforming it into a compelling slogan.
These are not idle promises: they resonate powerfully. He assures the public that tax payments could be made in crypto. While some scoff, others are eagerly setting up their crypto wallets.
Bitcoin Donations: Political Strategy or Viral Tactic?
Farage’s intentions are clear. He is opening his party’s finances to crypto donors. Bitcoin, Ethereum, stablecoins—everything is welcome. Although not the first, he is the first to leverage this as a pivotal electoral strategy. This is not a communication ploy, but a declaration of intent. He embodies the profile of a tech-savvy outsider keen on connecting with the youth.
Meanwhile, others remain fixated on interest rates. Farage speaks of wallets, direct donations, and decentralized transparency, which resonates with voters—particularly young ones who represent a quarter of the population and are already conversing about their crypto experiences. No need for poster campaigns; tweets serve this purpose effectively.
Farage pushes the envelope further. “Crypto represents freedom,” he asserts forcefully. He acknowledges that winning over Westminster with ICOs alone won’t suffice, but he recognizes these symbols resonate. They disrupt the status quo, generating noise. In a campaign flooded with clichés, that noise is already an achievement.
Farage: Populist Icon or Digital Wildcard?
Farage is back, and as usual, he remains a polarizing figure. He emerges just when his message seems to fade from public consciousness. This time, however, he returns armed with lines of code instead of mere slogans, speaking to those who feel overlooked. He connects with individuals who prefer YouTube over the BBC—those marginalized, ignored, and ridiculed.
His strategy is straightforward: reclaim control. This transcends mere financial Brexit; it represents an ideological divergence. He transforms frustration into a clear agenda, with his crypto vision positioned within this national ennui. The desire for a break looms large, alongside the perception that only others are growing wealthy. The bullet points are not there for show; they appeal directly to people’s instincts:
1 in 4 young Britons hold crypto;
Crypto taxes could be slashed from 24% to 10%;
Bitcoin could be integrated into the Central Bank;
Crypto donations made legal and direct;
Banks would lose their authority to restrict access.
Farage is diving into the political void with a vision framed by technology—not out of genuine belief but because he realizes others do. He understands how to tap into this elusive sentiment known as the “electorate.”
In September 2024, the UK finally defined the legal status of crypto and NFTs, acknowledging them as personal property. A much-needed framework. But faced with debts, doubts, and covert devaluations, what value does a framework hold without action? Might the true safety net of tomorrow be a Bitcoin reserve?
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The blockchain and crypto revolution is underway! When the impacts are felt on the world’s most vulnerable economy, against all odds, I will proudly say that I contributed to it.
DISCLAIMER
The opinions expressed in this article are solely those of the author and should not be considered financial advice. Conduct your own research before making any investment decisions.
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