Neil Liversidge, a veteran financial advisor, called on the United Kingdom government to ban cryptocurrency transactions such as Bitcoin.
According to cointelegraph.com, Liversidge, the founder of West Riding Personal Financial Solutions, an independent financial advisory firm, began a petition asking local financial authorities to stop crypto transfers in the U.K. It reads the petition:
“Legislate to prohibit the payment by or acceptance of cryptocurrencies by UK resident businesses or individuals, and require UK regulators (the FCA and PRA) to prohibit transactions by UK financial institutions in cryptocurrencies such as Bitcoin.”
Liversidge cited a common anti-crypto narrative, arguing that cryptos such as Bitcoin have no intrinsic value and “can be a destabilising influence on society, and often used for criminal activity.” The consultant also believes that mining of cryptocurrencies is “harmful to the environment.”
According to the United Kingdom Government and Parliament website, the date of submission of the petition is July 7, 2021. The petition had 108 signatures gathered at the time of publication.
In a January 13 interview with Professional Adviser’s finance-focused publication, Liversidge noted that in the U.K., a blanket ban on crypto transactions Enforcement can help decrease the influence of criminals using cryptos such as Bitcoin for unlawful acts. “Law enforcement will never catch them all, it won’t even catch most of them, but destroying their financial base reduces their power,” the IFA argued.
Liversidge also said that a crypto ban will cause a market collapse immediately: “If the UK government takes a lead by banning transactions on cryptos as my petition requests, that will set off a chain reaction, crashing cryptos overnight,” he said.