Senior Labour MPs urge government to ban cryptocurrency political donations

Seven senior Labour MPs, who chair parliamentary committees, are urging the UK government to ban political donations made in cryptocurrency. They argue that crypto's anonymity could allow foreign interference, obscure the source of funds, and enable numerous small, untraceable donations. While the government acknowledges the risks to electoral integrity and is considering a ban, officials believe implementing it in the upcoming elections bill is unfeasible due to the complexities of cryptocurrency. The elections bill is expected to lower the voting age and address other loopholes in political finance. The proposed ban would impact parties like Reform UK, which recently began accepting crypto donations. The Electoral Commission currently provides guidance on cryptocurrency donations.

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