"Cryptocurrency offers a number of ways to circumvent donation laws including by using multiple crypto wallets with different addresses, or fragmenting large donations into smaller amounts via crowdfunding to bypass the reporting threshold, and offering anonymity through the use of privacy coins."
"The enemies of democracy are constantly looking at new ways to undermine our system. I urge ministers to go further to block the use of cryptocurrencies to funnel money into British politics. Unless action is taken now, the threat of foreign interference in our democracy will grow."
Rushanara Ali, a former Labour minister who helped draft the elections bill, is urging the government to strengthen legislation by banning political donations in cryptocurrency. She plans to intervene when the bill returns to Parliament, warning that cryptocurrency enables foreign actors to circumvent donation laws through multiple wallets, fragmented donations, and privacy coins. Several countries including Ireland, Brazil, and some US states already have such bans. The government acknowledges the need for stronger measures against foreign interference. A review into illicit foreign money in British politics, led by former civil servant Philip Rycroft, was not completed in time to inform the current elections bill.
#cryptocurrency-donations-ban #foreign-interference-elections #election-legislation #political-donations-regulation #democracy-protection
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]