Financial Advisor Urges UK Government to Ban Bitcoin

Key Takeaways

  • Independent financial advisor Neil Liversidge claims many of his clients have been scammed through crypto.
  • The advisor has launched a petition to get crypto banned in the UK, citing no intrinsic value and a “destabilizing influence.”
  • So far, only a few dozen signatures have been gathered.

Neil Liversidge, a British independent financial advisor, has launched a petition demanding legislation “to prohibit transactions in cryptocurrencies in the UK.” So far, he’s found little traction.

100,000 Signees to Ban Bitcoin

At 10,000 signatures, the UK government must respond, and at 100,000 signatures, the government must consider legislation to ban crypto

So far, fewer than 100 people have signed the petition.

The petition would ban the use of crypto not just by UK citizens but institutions as well, saying “transactions by UK financial institutions in cryptocurrencies such as Bitcoin” should be banned.

Liversidge states that crypto has no intrinsic value and introduces a destabilizing influence on society, claiming that his petition will “impede criminals” if successful. He further states his hope to impact faith in crypto worldwide and affect crypto prices negatively.

The petition comes days after the UK regulator FCA warned that crypto investors could “lose all of their money” due to the high risk involved in crypto investment. In October 2020, the FCA also introduced a ban on derivative crypto products for retail investors. 

While Liversidge’s petition may seem like a mere publicity stunt, the foundation for the UK to impose a wider crackdown on crypto already exists.

Of course, that’s not to say that crypto Twitter responded kindly to Liversidge’s notion.

Most of the responses to the advisor’s tweet simply pointed out that he appeared ignorant of the technology he was trying to ban.

Liversidge stated that “Cryptos are a con in the truest sense of the term. I’m out to crash cryptos and cripple criminals.”

However, one user pointed out the irony of a financial advisor trying to ban the world’s top-performing financial asset, saying, “you’re an IFA who believes the best performing asset of the last decade should be banned because you don’t understand it? Wow, the state of IFAs these days is embarrassing.”

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article