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

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

Previously, the Reform UK party became the first UK political party to accept cryptocurrency donations. Led by Farage, the Reform UK party 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 cryptocurrency.

Farage, the acknowledged actual leader of the Reform UK party, has long held some crypto assets. He has told 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 cryptocurrency.