TechFlow news, July 18 — According to Cryptonews, UK Cabinet Office Minister Pat McFadden called on election officials to consider banning the use of digital currencies for political donations to prevent foreign actors from influencing British politics through untraceable cryptocurrency transactions.
McFadden told MPs that tracking cryptocurrency donations is challenging and urged the Electoral Commission to review whether current regulations are fit for purpose in an evolving digital era. This comes after Nigel Farage announced his Reform UK party would become the first UK political party to accept Bitcoin donations.
Anti-corruption groups have warned such practices could open the door to covert foreign interference. Labour MP Liam Byrne emphasized the need to strengthen resources at the Electoral Commission and the National Crime Agency to better regulate political funding.
