UK ministers push for ban on crypto donations

UK ministers are pushing for a ban on cryptocurrency donations to political parties, citing concerns about foreign money laundering, bribery, and campaign finance violations, which they see as a threat to democracy. Cabinet Office Minister Pat McFadden supports making crypto donations illegal. The concerns arise from the difficulty in tracing cryptocurrency transactions, which can move across borders anonymously. Reform UK, led by Nigel Farage, recently started accepting Bitcoin donations, raising alarms from regulators and watchdogs. An anti-corruption charity warns that accepting crypto donations could expose British politics to foreign interference and crime proceeds. Other countries are also considering regulating or banning crypto donations. Some US states like Oregon, Michigan, and North Carolina have already outlawed crypto donations, while others like California have reversed bans, allowing crypto into campaigns. El Salvador, which has made Bitcoin legal tender, permits political donations in cryptocurrency, raising concerns about manipulation.