British investment advisor calls for general ban on crypto transactions

Neil Liversidge wants to petition a ban on crypto transactions.

UK wealth advisor Neil Liversidge has called on the UK government to ban crypto transactions

Liversidge, who runs the investment consultancy West Riding Personal Financial Solutions, has started a petition for this purpose , which wants to ban transactions in the form of Bitcoin ( BTC ) and other crypto currencies. So it says here:

“Payments in the form of cryptocurrencies by British citizens and companies must be prohibited by law. The UK financial regulators FCA and PRA would therefore be tasked with enforcing this ban. “
The investment advisor justifies this with the well-known criticism that cryptocurrencies like Bitcoin have no intrinsic value, which would make them “a destabilizing danger” for society. In addition, they are often used for “criminal activities”, and on top of that, crypto mining would be “harmful to the environment”.

According to the official government website where the petition was posted online, it will remain open until July 7, 2021. So far, however, only 108 signatures have been collected.

In an interview with the industry magazine Professional Adviser on January 13, Liversidge said that such a general ban on crypto transactions would help Great Britain to drastically reduce the power of cryptocurrencies for criminal activities. „The authorities will never get them all, they won’t even stop a large part of it, but if we remove their financial basis, we can significantly reduce their power,“ as the financial advisor argues.

Liversidge also predicts that a British ban would send out a signal that would cause the entire crypto market to collapse: “If Britain leads the way and imposes a ban on crypto transactions, as I am calling, it will trigger a chain reaction that lets cryptocurrencies crash. “

Accordingly, the investment advisor advises all investors to sell their crypto assets as quickly as possible: „If you currently still own crypto currencies, I advise you to find an even bigger idiot to whom you can sell them quickly now.“

Liversidge told Cointelegraph that he „has never owned and will never buy cryptocurrencies,“ even if he knew they would bring him a hundredfold profit.

Bitcoin’s record run of up to 42,000 US dollars has not only brought the market-leading crypto currency many new fans, but also many new critics and envious people. Anatoly Aksakov, a member of the Russian State Duma, reiterated his criticism on January 14th by calling Bitcoin a “ speculative bubble ” that “will burst sooner or later”. On January 13, ECB boss Christine Lagarde again described Bitcoin as a “ highly speculative investment product ” that would encourage money laundering.