British investment adviser calls for general ban on crypto transactions
Neil Liversidge is petitioning for a ban on crypto transactions.
UK wealth adviser Neil Liversidge has called on the UK government to ban crypto transactions.
Liversidge, who runs wealth advisory firm West Riding Personal Financial Solutions, has launched a petition to this end, seeking to have transactions in bitcoin (BTC) and other cryptocurrencies banned. It states that:
„Payments in the form of cryptocurrencies by UK citizens and businesses must be banned by law. The UK’s financial regulators, the FCA and PRA, would accordingly be tasked with enforcing this ban.“
The wealth adviser justifies this with the long-standing criticism that cryptocurrencies such as Bitcoin Era have no intrinsic value, which would make them „a destabilising danger“ to society. Moreover, they are often used for „criminal activities“, and on top of that, crypto-mining would be „harmful to the environment“.
According to the official government website where the petition was posted online, it is still open until 7 July 2021. However, only 108 signatures have been collected so far.
In an interview with the industry magazine Professional Adviser on 13 January, Liversidge opined that such a blanket ban on crypto transactions would help the UK drastically reduce the impact power of cryptocurrencies for criminal activity. „The authorities will never get them all, they won’t even stop a large proportion of them, but if we take away their financial basis we can significantly reduce their power,“ as the wealth advisor argues to that effect.
Furthermore, Liversidge predicts that a British ban would have a signalling effect that would bring down the entire crypto market: „If the UK becomes a pioneer and imposes a ban on crypto transactions, as I’m calling for, then that sets off a chain reaction that crashes cryptocurrencies.“
Accordingly, the wealth advisor advises all investors to sell their crypto assets as soon as possible
„If you currently still own cryptocurrencies, my advice is to find an even bigger idiot to sell them to quickly right now.“
To Cointelegraph, Liversidge states that he „has never owned cryptocurrencies and will never buy any“ even if he knew they would bring him a hundredfold profit.
Bitcoin’s record run to $42,000 has not only brought the market-leading cryptocurrency many new fans, but also many new critics and enviers. Anatoly Aksakov, a deputy of the Russian State Duma, had reiterated his criticism on 14 January, calling Bitcoin a „speculative bubble“ that „will burst sooner or later“. ECB chief Christine Lagarde in turn described Bitcoin on 13 January as a „highly speculative investment product“ that would encourage money laundering.