British financial advisor calls on the gov’t to ban crypto transactions

Neil Liversidge, a veteran financial advisor, has called on the government of the United Kingdom to ban transactions in cryptocurrencies like Bitcoin (BTC).

Liversidge, the owner of the independent financial advisory firm West Riding Personal Financial Solutions, started a petition urging local financial authorities to stop crypto transactions in the U.K. The petition reads:

“Legislate to prohibit the payment by or acceptance of cryptocurrencies by UK resident businesses or individuals, and require UK regulators (the FCA and PRA) to prohibit transactions by UK financial institutions in cryptocurrencies such as Bitcoin.”

Liversidge cited a common anti-crypto narrative, arguing that cryptos like Bitcoin have no intrinsic value and “can be a destabilising influence on society, and often used for criminal activity.” The advisor also thinks that cryptocurrency mining is “harmful to the environment.”

According to the U.K. Government and Parliament website, the petition’s deadline is July 7, 2021. At time of publication, the petition has collected 108 signatures.

In a Jan. 13 interview with finance-focused publication Professional Adviser, Liversidge noted that a blanket ban on crypto transactions in the U.K. will help the enforcement to reduce the power of criminals using cryptos like Bitcoin for illicit activity. “Law enforcement will never catch them all, it won't even catch most of them, but destroying their financial base reduces their power,” the IFA argued.

Liversidge also said that a crypto ban would immediately trigger a crash on the market: “If the UK government takes a lead by banning transactions on cryptos as my petition requests, that will set off a chain reaction, crashing cryptos overnight,” he said.

The IFA’s verdict is that all crypto investors should immediately sell their holdings: “So if you're holding cryptos now, my advice to you is to find a bigger fool than you and dump them quick.” Liversidge also told Cointelegraph that he has “never owned any and never would buy any,” crypto, even if he knew that it would bring him hundreds of percent of returns.

Bitcoin’s ongoing rally driving its price up to $42,000 has definitely pushed global Bitcoin naysayers to finally talk Bitcoin after mostly keeping silent in 2020. On Jan. 14, Russian State Duma member Anatoly Aksakov suggested that global authorities should ban crypto payments because Bitcoin is a bubble that is poised to burst “sooner or later.” On Jan. 13, European Central Bank President Christine Lagarde declared that Bitcoin is a “highly speculative asset” and a “funny business” helping money launderers.