Nigel Farage has been accused of attempting to block a Bank of England cryptocurrency plan that could financially harm the billionaire donor funding his Reform UK party. The Reform UK leader used a private meeting with Bank Governor Andrew Bailey last September to urge abandonment of a state-run digital currency, known as 'Britcoin', which could reduce demand for stablecoins like Tether—the source of donor Christopher Harborne's vast wealth.
Farage's Opposition to Britcoin
Farage's opposition is so strong that he told a crypto enthusiast audience he would be 'prepared to go to prison' to stop the plan. Harborne, a Thailand-based billionaire, has donated £25 million to Reform UK, accounting for about two-thirds of its funding. His wealth stems from a 12% stake in Tether, the company behind the world's most traded stablecoin, which reported profits surpassing Netflix and Coca-Cola.
Potential Impact on Harborne's Profits
An industry body representing Tether warned the Bank of England that Britcoin could 'stifle growth and innovation' by prompting users to switch from private stablecoins to the state-run currency. Farage framed his opposition as a freedom issue, citing concerns about digital ID, though the Bank has not proposed such a system. Labour chair Anna Turley plans to ask the financial regulator to investigate Farage's actions.
Farage's Alignment with Tether
Farage has publicly championed Tether, urging London to become a global crypto trading hub. He also pushed Bailey to abandon a proposed cap on stablecoin holdings. Harborne's lawyers dismissed the allegations as 'fantasy', while a Reform spokesperson called them 'utter rubbish'. The Bank of England declined to disclose meeting details, citing the need for 'free and frank' advice.
Tether's stablecoins are popular for avoiding inflation and sanctions, but have been linked to illicit activities including Russian sanctions evasion and romance scams. Harborne, a minority shareholder, has previously lobbied EU policymakers on crypto regulation. The Bank of England stated that Farage's meeting was part of routine engagement with political representatives.
