Fresh move to end crypto in UK initiated

TL;DR Breakdown

  • Neil F. Liversidge initiates petition to end crypto transactions in the UK
  • Petition requires 100,000 signatures before Parliament debate

Neil F. Liversidge, managing director at an independent financial solution firm in the United Kingdom, West Riding Personal Financial Solutions Ltd, has filed a petition to prohibit Bitcoin and other cryptocurrencies transaction in the country.

In the petition, he claims that cryptos don’t have any intrinsic value and can potentially destabilize the society as they are mostly used for criminal purposes. He claims that a ban on Bitcoin would bring an end to criminals that rely on cryptos.

The petition further condemned cryptocurrencies stating that the digital currencies are not crucial to legitimate citizens and businessmen and the ‘mining’ of crypto is harmful to the environment.

Good news on move to ban Bitcoin

No doubt the petition is a bad development for the cryptocurrency world. However, a particular obstacle stands between the petition and its eventual success.

Before the petition can be debated in Parliament, 100,000 people have to sign it before 7th July 2021. At the time of writing this report, only 89 people have signed the petition several days after it was filed.

Liversidge’s petition is coming days after a ban on crypto-based products issued by the UK’s financial services regulator came into effect.

Behind Liversidge’s defiance to see Bitcoin end

The financial adviser said that he had helped people who were scammed by crypto thieves in the past.

He said one of the victims he helped was blackmailed to sending £5,000 in Bitcoin after he thought he was sending nude pictures to a lady he met online. The other person Liversidge says he helped was an elderly woman who was cheated by a South African gang of Bitcoin scammers operating a “trading programme. She lost $24,600.

Liversidge is everywhere on Twitter urging people to sign his petition against cryptocurrencies.