Nigel Farage met with Bank of England Governor Andrew Bailey in September 2025 to demand the cancellation of the digital pound. The Reform UK leader argues the central bank digital currency enables state surveillance through potential digital ID integration. Despite this political resistance, the Bank confirms the project continues advancing.
Farage escalated his opposition at London’s Zebu Live event, stating he would face imprisonment rather than accept a state-controlled currency. He expressed total horror at the concept, though the Bank has not confirmed plans to link the digital pound to identity systems.
This campaign aligns with Reform UK’s broader cryptocurrency pivot. The party began accepting Bitcoin donations in May 2025 and advocates for a strategic national Bitcoin reserve. However, significant donor Christopher Harborne holds major investments in Tether, raising questions about conflicts of interest regarding private stablecoins versus public digital currency.
Market analysts note that cancelling the digital pound would eliminate a state-backed competitor for private stablecoin issuers like Tether and Circle. Conversely, scrutiny over crypto-linked political donations could trigger stricter regulations on industry lobbying across Western democracies.