UK financial adviser calls on government to ban crypto transactions

Neil Liversidge, a veteran financial adviser, has called on the UK government to ban transactions in cryptocurrencies like Bitcoin (BTC).

Liversidge, owner of independent financial consultancy West Riding Personal Financial Solutions, has started a petition urging local financial authorities to stop crypto trading in the UK. The petition reads:

“Legislate to ban payment or acceptance of cryptocurrencies by businesses or individuals residing in the UK, and demand UK regulators (the FCA and PRA) to ban UK financial institutions’ transactions in crypto -currencies such as Bitcoin. “

Liversidge cited a common anti-crypto narrative, claiming that cryptos like Bitcoin have no intrinsic value and “can have a destabilizing influence on society and often used for criminal purposes.” The advisor also believes cryptocurrency mining is “harmful to the environment.”

According to the UK Government and Parliament website, the deadline for the petition is July 7, 2021. At the time of publication, the petition has collected 108 signatures.

In a Jan. 13 interview with Professional Adviser, a finance publication, Liversidge noted that a blanket ban on crypto transactions in the UK will help law enforcement reduce the power of criminals using cryptos like Bitcoin. for illicit activities. “Law enforcement will never catch them all, they won’t even catch most of them, but destroying their financial base reduces their power,” argued the IFA.

Liversidge also said that a crypto ban would immediately trigger a market crash: “If the UK government takes the initiative in banning crypto transactions as my petition calls for, it will trigger a chain reaction, crushing overnight cryptos, ”he said.

The IFA’s verdict is that all crypto investors should immediately sell their holdings: “So if you own crypto now, I would advise you to find a bigger jerk than you and dump them quickly.” Liversidge also told Cointelegraph that he had “never owned and would never buy,” even though he knew it would earn him hundreds of percent returns.

Bitcoin’s ongoing rally, which pushes its price up to $ 42,000, has definitely pushed global Bitcoin opponents to finally talk about Bitcoin after essentially remaining silent in 2020. On January 14, the State Duma member Russian Anatoly Aksakov has suggested that world authorities ban crypto payments because Bitcoin is a bubble that is about to burst “sooner or later”. On January 13, European Central Bank President Christine Lagarde declared Bitcoin to be a “highly speculative asset” and a “fun business” aiding money launderers.