Independent financial advisor Neil Liversidge recently launched a petition to ban digital currency transactions in the UK. He says that there is a destabilizing effect of cryptocurrencies on society.
IFA and West Riding Personal Financial Solutions Managing Director Neil Liversidge have recently lodged a petition with the government of the UK. As it could have a destabilizing impact on the economy, he urged the government to ban Bitcoin.
His petition declares,
Cryptocurrencies have no intrinsic value and can be a destabilizing influence on society, and often used for criminal activity. Banning crypto transactions in the UK would impede criminals that rely on these currencies, and could also affect faith in the currency and so lead to a fall in prices, reducing the wealth and power of those holding cryptos.
He went on to claim that cryptocurrencies are not necessary to legitimate businesses and people, and could be very dangerous to the ecosystem by mining cryptocurrencies.
What are the odds of the petition being heard?
100,000 signatures would be needed in order for the petition to be heard in Parliament. The petition by Liversidge has just 85 signatories. The petition comes just a couple of days after crypto-based products were barred by the UK financial services regulator.
Liversidge claims that he has supported many people who were scammed by bad actors. One person was blackmailed when sending personal pictures to a woman he went online. He ended up sending out £5,000, however. An elderly woman who lost £ 18,000 to a South African gang of crypto scammers running a trading program was another victim.
He called a scam to cryptocurrencies and said he was out to crash cryptocurrencies. He said that if the UK government takes a lead on banning crypto transactions, it will crash these currencies almost overnight. He said that while prohibition does not help law enforcement arrest all criminals, it may decrease their authority and eliminate their financial base. He also went on to suggest that people who hold cryptos should easily find someone who is a bigger fool and dump their coins on them.