Neil Liversidge petitioned to ban cryptocurrency transactions in the UK

Neil Liversidge petitioned to ban cryptocurrency transactions in the UK

Crypto News
15.01.2021
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Managing Director of West Riding Personal Financial Solutions Neil Liversidge has filed a petition urging the UK government to ban cryptocurrency transactions in the country.

Neil Liversidge is also an independent financial advisor. He claims that many of his clients have become victims of cryptocurrency scams, which was the reason for the creation of the petition. The author of the document noted that cryptocurrencies have no intrinsic value and can even destabilize society, as they are often used for criminal activity.

Liversidge doubts that law enforcement is capable of catching all criminals using crypto assets. Therefore, he believes that banning digital currency transactions in the UK will reduce illegal transactions. In addition, this ban will increase public confidence in the British pound. This can lead to a drop in the rate of cryptocurrencies, which will negatively affect the well-being of owners of digital assets.

The financial consultant added that cryptocurrencies are not in demand among law-abiding citizens and organizations. Plus, mining is bad for the environment. For parliament to consider a petition, it must collect 100,000 signatures. To date, 85 people have signed it. The petition was filed just days after the UK ban on the sale of cryptocurrency derivatives to retail investors went into effect.

“Cryptocurrencies are a real scam, so this industry must be destroyed. If the UK government bans digital asset transactions, it will set off a chain reaction and they will collapse overnight. So if you hold a large amount in cryptocurrencies, I advise you to quickly find another fool who will buy them from you” said Liversidge.

Some participants in the cryptocurrency industry criticized the petition. FastBitcoins founder Danny Brewster said that as a finance professional, Liversidge is letting his clients down by ignoring the best performing asset in a decade. If digital currencies were really dangerous, then the regulators would have banned them long ago.

“I don’t think you know a little about the latest technology. Fortunately, the regulators understand them better than you do. The old man is just mad at the technology” wrote Brewster on Twitter.

Recall that the UK Treasury Department has begun developing recommendations for the issuance of private stablecoins. The Ministry of Finance believes that stable cryptocurrencies will make payments much faster and cheaper.

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