Veteran financial advisor Neil Liversidge has called on the UK government to ban transactions with cryptocurrencies such as Bitcoin (BTC).

Liversidge, owner of West Riding Personal Financial Solutions, an independent financial consultancy, has filed a petition asking local financial authorities to stop using cryptocurrencies in the UK.

“Acts to prohibit the payment or acceptance of cryptocurrencies by companies or individuals in the UK, and requires UK regulators (FCA and PRA) to prohibit transactions by UK financial institutions with cryptocurrencies such as Bitcoin.”
Liversidge cited a popular anti-crypto story, arguing that cryptocurrencies like Bitcoin have no intrinsic value, can be destabilizing to society, and are often used in criminal activities. The adviser also believes that cryptocurrency mining is “harmful to the environment.”

The deadline for applications is July 7, 2021, according to the UK government and parliament website. At the time of publication, the petition had collected 108 signatures.

In an interview on 13 January with a professional publishing consultant specializing in finance, Liversedge pointed out that a complete ban on cryptocurrencies in the UK will help law enforcement to reduce the opportunities for criminals who use cryptocurrencies like Bitcoin to engage in illegal activities. The IFA said that “law enforcement will never capture all of them and take control of most of them, but the destruction of their economic base reduces their power.”

Liversedge also said that the cryptocurrency ban would immediately lead to a market crash: “If the UK government takes the lead by banning the cryptocurrency transactions in question in the petition, it will set off a chain reaction and cause cryptocurrencies to crash overnight.”

The IFA rule states that all cryptocurrency investors must sell their assets immediately: “So, if you have cryptocurrencies now, I advise you to find an old fool and get rid of him quickly.” Liversedge also told Cointelegraph that he “owns nothing and will never buy anything” cryptocurrency, although he knew it would bring him hundreds of profits.

Bitcoin’s ongoing rally, pushing the price up to $ 42,000, has definitely prompted the global Bitcoin refuseniks to finally talk about Bitcoin after being quiet in 2020. On January 14, the Russian State Duma Anatoly Aksakov proposed to the world authorities to ban cryptocurrencies, because Bitcoin is a currency. The bubble is ready to burst “sooner or later.” On January 13, European Central Bank President Christine Lagarde announced that bitcoin is a “highly speculative asset” and “fun business” that helps money launderers.

Source: CoinTelegraph