Party finance rules have significant loopholes that allow for abuses through shell companies, unincorporated associations, and anonymous donations. Cryptocurrency has emerged as a new challenge, enabling anonymous transactions while still being visible on the blockchain. Reports have linked cryptocurrencies to funding sanctions evasion and election interference. For example, a digital rouble was connected to illegal activities by a fugitive oligarch. In the UK, political parties like Reform UK are planning to accept crypto donations, leading to concerns over transparency and foreign influence in politics.
Cryptocurrencies give people plenty of ways to hide, obscuring who is funding political parties and what they might want in return.
A7A5, a new digital rouble, has already been linked to sanctions evasions by Russians.
Online mixers can blend an individual's cryptocurrency with others, making it practically impossible to trace the origin of individual coins.
Reform UK has already declared that it plans to accept crypto donations, marking a new frontier of campaign financing.
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