Nigel Farage Promises to Create a BTC Reserve and Implement Supportive Crypto Laws Upon Taking Office

Reform UK leader Nigel Farage declared his intention to introduce legislation supportive of cryptocurrencies, with a plan to create a bitcoin reserve at the Bank of England if he gains power.

At the Bitcoin conference in Las Vegas, Farage stated, “We have assembled… the Crypto Assets and Digital Finance Bill. We will advocate for this legislation and implement it once we achieve victory in the upcoming general election.”

He expressed ambition for a major transformation in the UK, asserting, “We aim to initiate a crypto revolution in Britain, positioning London as a leading global trading hub. We are fully committed to this vision.”

Farage mentioned that the proposed laws would prevent banks from terminating accounts of customers who engage with cryptocurrencies. He also suggested instituting a reasonable capital gains tax of 10% on crypto assets, defending the notion that “If tax rates are fair, people will comply.” Additionally, he opposed the establishment of a British central bank digital currency.

Recently, Reform UK has gained popularity in national polls and showed strong performance in local elections held in May. The next general election is currently scheduled for August 2029.

On Thursday, the party announced its pioneering move to accept cryptocurrency donations, marking it as the first political party in Europe to take such a step.