Bank of England governor says Farage lobbying did not change crypto policy

Bank of England Governor Andrew Bailey has broken his silence on pressure from Nigel Farage to drop cryptocurrency regulations, stating he can “spot” lobbying and resist it. In a letter seen by the Guardian, Bailey confirmed that no policy changes resulted from Farage’s interventions.

Farage met Bailey in September to demand the Bank abandon plans for a state-issued digital currency (Britcoin) and a cap on stablecoin holdings, moves that could hurt Tether, a stablecoin issuer part-owned by Christopher Harborne. Harborne has donated £5 million to Reform UK and its predecessor, triggering a standards investigation into Farage’s finances.

Bailey wrote that the meeting was arranged at the request of Reform MP Richard Tice. He added that Farage made his views “very clear” but that “no policy changes have taken place as a result of interventions by Mr Farage.” The Bank is still considering a digital currency.

Farage has resigned as an MP amid the controversy, calling for a “people versus establishment” by-election. Opposition parties have announced a boycott. Labour MP Joe Powell welcomed Bailey’s confirmation that the lobbying bid failed, saying it shows Farage has “no regard for independent institutions.”