Farage trying to block ‘Britcoin’ plans that could be costly for billionaire donor
The Reform leader previously insisted that Harborne "wants nothing from me" in exchange for his millions in donations
Nigel Farage is trying to block a plan by the Bank of England to create a new cryptocurrency, which could hit billionaire Reform donor Christopher Harborne financially.
As reported by The Guardian, Farage has said that Harborne, a crypto investor who has donated millions to Reform and an undeclared £5 million gift to Farage himself “wants nothing from me”.
Yet, last September, the Reform leader used a private meeting with the governor with the Bank of England, Andrew Bailey, to urge him to drop plans to create “Britcoin”, a state-run digital currency.
Harborne earns a share of profits from his 12% stake in stablecoin company Tether of around £1 billion per year.
However, if the Bank of England proceeds with its “Britcoin” plan, it could reduce demand for stablecoins such as Tether’s, according to a submission to the central bank by an industry body.
This could potentially affect both the company’s and Harborne’s earnings.
Farage has claimed he opposes the digital currency because “Britcoin” would rely on a digital ID system, rather than because it would be costly for a major Reform donor.
In October last year, he told the Zebu crypto conference in London: “I don’t want to live in a country with a central bank digital currency.”
He added: “I’m prepared to go to prison to stop us having [central bank digital currencies] administered under digital ID. That is how committed I am.”
In a comment to The Guardian, he called the claims that he is lobbying for a position that benefits Harborne “utter rubbish”.
Meanwhile, Harborne’s lawyers said they had “no basis in reality” and that “Mr Harborne will not comment on fantasy.”
Olivia Barber is a reporter at Left Foot Forward
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