National Liberal Party (NPL), the United Kingdom’s controversial far-right party has issued what it calls as the country’s first coherent cryptocurrency policy.
On 24th August, the National Liberal Party wrote a post on its website arguing that the UK’s current cryptocurrency policy is non-existent and accused that the government has failed to clear its views on the regulations. It said that the country’s leading political parties have also not been successful in formulating a workable cryptocurrency plan.
Failures of the existing political party
With an alarmist tone in its post, the NLP says that “UK Citizens have been defrauded by crypto criminals to the tune of billions” and that fraudulent cryptocurrency schemes continue to target consumers and operate without any punishment.
Furthermore, it describes the official policy of the UK’s Financial Conduct Authority (FCA) as troubling. With the statement, “Consumers should be mindful of the absence of certain regulatory protections when considering purchasing unregulated crypto assets. Unregulated crypto assets (e.g. Bitcoin, Ether, XRP, etc.) are not covered by the Financial Services Compensation Scheme and consumers do not have recourse to the Financial Ombudsman Service”, it presents a proof of the watchdog’s failure on protecting the public.
While the current Conservative government has stated that crypto regulation is essential, the NLP claims it has failed to implement any such program. Saying 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,” it also criticizes the opposition Labour Party.
Cryptocurrency Is Here To Stay
NLP claims that rather than ignoring and eliminating, it has taken time to study and understand the new financial technologies. It also states that it “stands for the future of finance and integrity.”
The post further describes that cryptocurrency is here to stay, and can offer an alternative to traditional fiat currencies. It says that the cryptocurrency can supply wealth, jobs and capital.
Pointing towards the criminal misuse of cryptocurrency, the party’s policy says that the criminals should be given the same punishment as the money launderers. It also suggests, “Victims of cryptocurrency crime and fraud 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 NLP wants FCA’s policy of allegedly ignoring the new asset class to be reversed by providing strong support for the victims of fraud and pursuing a set of advanced initiatives created to promote cryptocurrency as well as its self-regulation.
The party claims that it will “make the UK a center of legitimate cryptocurrency finance and not the center for crypto crimes that it is today.”
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