A veteran financial advisor, Neil Liversidge, recently wrote a petition to the UK government to stop all crypto transactions in the country. The advisor introduced the petition because he believes that cryptocurrencies have a negative influence on society.
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.”
The petition states that by putting a stop to crypto transactions, the government would be reducing the trust people have in crypto assets, which would eventually lead to its demise in the long run. The petition also refers to the mining of cryptos as ‘harmful’ to the environment. Currently, the Liveridge petition has 110 signatories but needs 100,000 signatories before consideration for a debate in Parliament.
In an interview on January 13, Liversidge noted that the ban on crypto trades in the UK would reduce the country’s crypto fraud rate. He mentioned that law enforcement has had difficulty tracing or even catching most of the criminals involved in crypto fraud, and the ban will destroy their financial base.
The financial advisor warns that everyone who owns any crypto right now should immediately sell them to ‘a bigger fool’. Liversidge then claimed that he has never held any crypto and would never buy it even if he knows that he would earn a lot in returns.
Liversidge tried to appeal to his Twitter followers to sign his petition in a tweet. However, people were not interested.
Danny Brewster, the founder of FastBitcoins, refers to Liversidge as an old man who is angry at technology. Brewster argues that Liversidge does not understand the crypto trade technology, which is why he is calling for a ban on the “best performing asset of the last decade.”
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