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Britain's hard-right Reform UK to accept crypto donations / Photo: © AFP/File
NYSE - LSE
Britain's hard-right Reform UK to accept crypto donations
Britain's hard-right Reform UK has become the first political party in the country to accept donations through bitcoin and other cryptocurrencies, raising fresh concerns over transparency.
Reform UK leader Nigel Farage, whose party has risen in the polls, made the announcement at a bitcoin conference in Las Vegas on Thursday evening.
"As of now, provided you are an eligible UK donor ... we are the first political party in Britain that can accept donations in Bitcoin and other cryptocurrencies," he said.
Farage has pledged to launch a "crypto revolution" if Reform UK comes to power, including the creation of a bitcoin digital reserve at the Bank of England -- inspired by recent measures in the United States.
On the party's website on Friday, it was possible to make a donation via cryptocurrency.
Reform UK is the "first major political party in Europe to accept cryptocurrency donations," according to a statement from British payments firm Radom, which is managing the transactions.
But, for analysts, the move has raised concerns over potential misuse and a lack of transparency in political donations.
"Anyone can receive crypto donations, as cryptocurrencies are permission-less and don't require bank authorisation," Larisa Yarovaya, associate professor of finance at Southampton Business School, told AFP.
"This allows even those excluded from traditional banking to access financial services."
She cautioned that crypto donations raise "concerns around transparency, regulation, and potential misuse."
Similar concerns have been voiced in the United States, where President Donald Trump received millions in crypto donations for his last election campaign.
Now an outspoken advocate of the technology, Trump's stance has triggered questions over potential conflicts of interest.
For Farage, accepting crypto donations is "a way to demonstrate his allegiance with financial technology," Charles Morris, founder of analytics firm ByteTree, told AFP.
The incumbent Labour party also aims to make the UK a global leader in the crypto sector.
Back in April, finance minister Rachel Reeves set out new rules to regulate crypto-related activities.
In Britain's July 2024 general election, anti-immigration Reform UK won just over 14 percent of the vote and five seats in parliament.
Farage made another breakthrough in local elections earlier this month.
C.Lewis--SFF
