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UK Cabinet Minister: Suggests reviewing political donations in Crypto Assets to prevent foreign interference
According to a report from Cryptonews on July 18, the UK Cabinet Office Minister Pat McFadden urged election officials to consider banning the use of Digital Money for political donations to prevent foreign powers from influencing UK politics through untraceable Crypto Assets.
McFadden told lawmakers that tracking Crypto Assets donations is challenging and urged the election commission to review whether current rules apply to the evolving Digital Money era. Previously, Nigel Farage announced that his Reform Party would become the first UK political party to accept Bitcoin donations.
Anti-corruption organizations have warned that such practices could open the door to covert foreign interference. Labour MP Liam Byrne emphasized the need to strengthen the resources of the Electoral Commission and the National Crime Agency to better regulate political funding.