UK Labour Party Imposes Temporary Ban on Crypto Donations Amid Foreign Interference Fears

The Labour Party has announced a temporary ban on cryptocurrency donations to political parties in response to a government review into foreign interference. The decision is seen as a significant blow to Nigel Farage's Reform UK party, which has accepted millions of pounds in crypto donations from overseas sources.

The review, led by former home secretary Philip Rycroft, warns that foreign powers such as Iran, Russia and China are attempting to 'cause harm' to the UK's democracy. It also notes that social media posts on Scottish independence fell dramatically when Iranian authorities cut off internet services in the country.

The government will cap donations from British citizens living abroad who are still registered to vote, in line with Rycroft's recommendations. The Labour Party has welcomed the move as a necessary step to protect democracy, while Reform UK has condemned it as an 'attack on free speech'.