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UK Far-Right Party Reveals Cryptocurrency Policy

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August 27, 2019 | 

624 Views | 

Darryn Pollock | 

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The United Kingdom’s controversial far-right National Liberal Party, known for focusing on national struggles abroad, with particular emphasis on injustices in Sri Lanka and India, claims to have become the first party in the nation to publish a coherent cryptocurrency policy.

In a post on its website, the NLP put forward that the currency cryptocurrency regulations in the United Kingdom are a non-starter. They claim that there has been no ownership from government or from leading political parties to formulate a workable cryptocurrency agenda. 

Thus, the minor party has taken it upon themselves to outline their own crypto agenda which is intended to help stave off the dangers of the current, unregulated space. They start off on an alarmist note, stating that there is no one to blame, or take responsibility for something goes wrong with cryptocurrency and that the UK’s Financial Conduct Authority (FCA) is concerning. 

Setting up why there needs to be regulation

It appears as of the NLP’s agenda is to strike fear in those who are currently using cryptocurrency in the UK by trying to scare them into being worried about failings by the current watch dogs. They go on to cite a paragraph from the FCA as evidence of its failures to protect the citizens.

“Consumers should be mindful of the absence of certain regulatory protections when considering purchasing unregulated crypto assets. Unregulated crypto assets (e.g. Bitcoin, Ether, XRP etc.) are not covered by the Financial Services Compensation Scheme and consumers do not have recourse to the Financial Ombudsman Service,” the FCA states

The NLP then goes on to criticize both at the current Conservative government — which it says claims to believe in the necessity of crypto regulation but has failed to implement a program — and at the opposition Labor party. The NLP says:

“The Labour Party believes Cryptocurrency is a Ponzi Scheme and would regulate it out of business according to Diane Abbot speaking as Shadow Home Secretary.”

Having painted these two sides of the current political climate in the UK - poor and unsatisfactory regulation from the one side, and harsh unworkable on the other, the NLP then goes on to spell its solutions. 

Part of the future

The NLP says they believe that cryptocurrency is here to stay and that they stand for the future of “finance and integrity”. In this belief, they state they have taken the time to understand cryptocurrencies rather than ignore or eliminate them.

They believe that these new asset classes are not only here to stay, but can offer an alternative to traditional fiat currencies and supply wealth, capital and jobs if political actors are willing to cultivate it responsibly.

When it comes to the misuse of cryptocurrency, for criminal activities, the NLPbelieves in strict punishment.

“Victims of cryptocurrency crime and fraud should be compensated from a fund established by the cryptocurrencies and exchanges that do business in the UK. If a voluntary fund cannot be established, a transactional tax should be imposed to fund the initiative,” they state

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