Senior UK financial adviser calls on government to ban cryptocurrency trading

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

Liversidge, owner of independent financial advisory firm West Riding Personal Financial Solutions, has launched a petition urging local financial authorities in the UK to stop cryptocurrency trading in the UK, stating:

"The legislation prohibits UK resident businesses or individuals from paying or accepting cryptocurrencies and requires UK regulators (the FCA and PRA) to prohibit UK financial institutions from transacting with cryptocurrencies such as Bitcoin."

Liversidge cited a common narrative against crypto assets, arguing that cryptocurrencies such as Bitcoin have no intrinsic value, can have a destabilizing effect on society and are often used for criminal activities. He also argued that cryptocurrency mining is "bad for the environment."

According to the UK government and parliament website, the deadline for the petition is July 7, 2021. As of press time, the petition has collected 108 signatures.

On January 13, Liversidge pointed out in an interview with the financial publication Professional Advisor that a complete ban on cryptocurrency trading in the UK would help law enforcement reduce the ability of criminals to use cryptocurrencies such as Bitcoin to conduct illegal activities. The IFA believes that "law enforcement will never catch everyone, or even most of them, but destroying their financial foundation will weaken their power."

Liversidge also said that a crypto ban would immediately trigger a market crash. He said: "If the UK government takes the lead in banning cryptocurrency trading as my petition requires, it will trigger a chain reaction and cryptocurrencies will collapse overnight."

The IFA concluded that all crypto investors should sell their holdings immediately: “So if you’re holding cryptocurrencies right now, my advice is to find a bigger fool than you and sell them fast.” Liversidge also told Cointelegraph that he has “never owned any cryptocurrency and would never buy any,” even if he knew it would give him hundreds of times the return.

Bitcoin’s continued rise, which has pushed its price up to $42,000, has undoubtedly prompted global Bitcoin naysayers to finally start talking about Bitcoin, after having mostly remained silent in 2020. On January 14, Russian State Duma deputy Anatoly Aksakov suggested that global authorities should ban cryptocurrency payments because Bitcoin is a bubble that will burst sooner or later. On January 13, European Central Bank President Christine Lagarde declared Bitcoin a “highly speculative asset” and a “funny business” that helps money launderers.

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