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U.K.'s National Liberal Party lashes current crypto policy, recommends new coherent platform

Image Credit: National Liberal Party Facebook Page

Wed, 28 Aug 2019, 04:05 am UTC

The National Liberal Party (NLP) of the United Kingdom has become the first political party to introduce a coherent forward-looking policy on cryptocurrency, criticizing the government for its failure to introduce a comprehensive crypto regulation and prevent crypto-related frauds.

In its post, the NLP claimed that “UK citizens have been defrauded by crypto criminals to the tune of billions” and that fraudulent crypto schemes continue to target consumers and operate with immunity.

It further condemned the “troubling” official policy of the U.K.’s Financial Conduct Authority (FCA), in which they advised consumers to avoid investing in any unregulated cryptocurrencies, including bitcoin, ether, and XRP. Notably, these coins are highly concentrated in the U.K., and preventing them from being traded is not only absurd but proves the watchdog’s failure to protect the public.

Despite its admission that crypto regulation is important, the incumbent conservative government has failed to implement any programs, the NLP added.

Calling the current policy as a non-policy, it pointed out that “while our government professes to abhor organized crime and money laundering, it takes a hands-off approach to organize crime firms using crypto currency.”

The opposition Labour Party was also not exempted from scrutiny. The NLP claimed that 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.”

For instances when cryptocurrencies are used for illicit activities, the NLP proposed that violators should face the same punishments as money launderers. It suggests that victims 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.”

The political party also recommends the FCA to reverse its policy of ignoring the new asset class by giving priority support to victims of fraud and developing initiatives that will promote cryptocurrency and its self-regulation.

NLP said the move will transfer the UK into a “center of legitimate cryptocurrency finance and not the center for crypto crimes that it is today.”

Being a far-right party, the NLP claims that it “stands for the future of finance and integrity” and that it has dedicated time to understand new financial technologies and not simply ignore or remove them.

It believes that cryptocurrencies are here to stay. The NLP also thinks that cryptos can serve as a substitute to conventional fiat currencies, with an ability to supply wealth, capital, and jobs as long as politicians are prepared to develop it.

Last month, the British government has drafted a new Economic Crime Plan to tackle financial crimes, including an “intervention on crypto assets.” A new crypto asset regime in partnership with the FCA will also be established, in a bid to go “beyond international standards to create one of the most comprehensive global responses” against cryptos used in illicit activities.

Just recently, Bank of England governor Mark Carney has challenged the position of the dollar as the reserve currency of the world, saying it could be replaced by a central bank-supported digital currency.

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