UK ministers, led by Cabinet Office minister Pat McFadden, are advocating for a ban on cryptocurrency donations in political campaigns due to concerns over traceability and foreign interference. During a discussion initiated by Labor MP Liam Byrne, McFadden emphasized the importance of public trust in political funding, highlighting the need for transparency regarding the origins and legitimacy of donations. While some countries like the US are accepting crypto donations to boost campaign financing, the UK’s stance reflects a growing caution towards the risks associated with such financial instruments. The rising trend of cryptocurrency contributions has raised alarms about potential threats to political integrity, including influences from foreign entities. Reports point to an increased possibility of criminals exploiting crypto donations, calling for stricter regulations from bodies like the UK’s National Crime Agency and the Electoral Commission. This move aligns with global actions against crypto contributions, with various US states having already imposed similar bans to protect electoral processes.

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