Nigel Farage, the leading candidate for the upcoming election in the UK, announced a plan to build a Bitcoin reserve within the Bank of England if he serves as the office. During a fireside chat with Frank Corva on the third day of the game, Farage reveals groundbreaking details of his vision for the future of British cryptocurrencies.
UK builds Bitcoin reserves under Farage
“I’m happy to be here today, but to announce that we’ve put this together, but rather summed up – today is unique – the crypto assets and digital financing bill,” Farage began. “A few months of work, ladies and gentlemen, we’re going to run for this and when we win the next election, we’re going to put it in place.”
The core of Farage’s proposal is to create a Bitcoin reserve at the Bank of England. “We will have a digital reserve of Bitcoin at the Bank of England,” he declared. “And we will pass legislation saying that no banks can close your account because you are using legal crypto products or digital products to trade.” The initiative will directly address the growing concern of “revocation”, as individuals are denied banking services because of their involvement in cryptocurrencies. As Farage stressed, “Ladies and gentlemen, there are no more revokers.”
In his speech, Farage pointed out the UK’s stagnation in embracing the digital financial revolution. “There are 7 million people in the UK who own crypto assets. Less than one-third have crypto assets. However, our outdated workforce and conservative governments are not doing anything in this space.” He puts the potential reforms into a much-needed step to bring Britain into the 21st century, positioning the country as a leader in the global crypto ecosystem. He asserted: “We will carry out the crypto revolution in the UK. We will make London one of the world’s major trading centers.”
Farage also reflects a broader international environment, especially the current U.S. stance on cryptocurrencies. “What has this administration done to embrace the entire field, giving real oxygen and real energy to the entire digital world,” Farage noted.
A key point of the Farage platform is that it advocates national and individual sovereignty. Farage draws similarities between his campaign to fight for Brexit and the potential of Bitcoin, highlighting his continued belief in reducing government intervention. “Bitcoin is the ultimate freedom to break away from the big government,” he said, explaining that the growing control of government and bureaucracy is proven by the promotion of movements such as the Central Bank Digital Currency (CBDC), which is resistant.
Farage strongly opposed the Bank of England’s ongoing efforts to develop a British version of the CBDC, known as “Britcoin”. He described it as the “final form of tyranny”, expressing his concern about government surveillance and control of personal financial lives. He firmly declared: “When we win the next election, my body will have a CBDC.”
The conversation also involved Farage’s personal experience, “Debanking,” a topic that shapes his passion for Bitcoin. Farage, who became a high-profile victim of Debanking, explained how he was denied banking services by ten different banks simply due to his political views and involvement in cryptocurrencies. “It was a very, very terrible experience,” Farage admitted. “But I fought back. I fought back publicly and won.”
At press time, BTC was trading at $106,293.
Featured images from YouTube, charts from TradingView.com
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