Nigel Farage Leads Campaign Against Bank of England’s “Britcoin” CBDC

The Bank of England is preparing a central bank digital currency (CBDC) called “Britcoin.” Proponents say it would modernise payments; opponents warn it could erode demand for privately issued stablecoins such as Tether. The Digital Currencies Governance Group (DCGG), an industry coalition that includes Tether, submitted a 2021 response warning of a “significant risk” that users might shift from stablecoins to a state-run digital currency, potentially “stifling growth and innovation.” The Bank has said it is consulting industry, academia and the public on the policy.

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• Nigel Farage – Leader of Reform UK, former Brexit Party head, vocal opponent of Britcoin.

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• Christopher Harborne – Thailand-based donor who has given Reform UK £25 million (about two-thirds of its funding) and an undeclared £5 million personal gift to Farage; minority shareholder (?12 %) in Tether.

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• Andrew Bailey – Governor of the Bank of England, overseeing the Britcoin project.

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• Digital Currencies Governance Group (DCGG) – Industry body representing stablecoin stakeholders, including Tether.

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• Tim Picton – Campaigner with Spotlight on Corruption, calling for disclosure of Farage’s meeting minutes.

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• Reform UK spokesperson – Defends Farage’s stance.

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• 2021 – DCGG submits concerns about Britcoin to the Bank and Treasury.

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• 2022 – Harborne invites DCGG chief to a Conservative fundraising dinner; attends exclusive event at the Victoria & Albert Museum with former Ukip aide Francesca Salierno.

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• September (last year) – Farage and Reform MP Richard Tice meet Governor Bailey at the Bank of England.

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• October (last year) – Farage addresses a crypto audience at the Zebu Live event, reiterating opposition.

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• June 18 2026 – Guardian publishes investigation linking Farage’s campaign to Harborne’s crypto interests.

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• Harborne’s total donations to Reform UK total £25 million, roughly two-thirds of the party’s funding.

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• His 12 % stake in Tether could generate about £1 billion annually in profit.

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• Tether’s reported profits exceed those of Netflix and Coca-Cola.

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• Billions of dollars in Tether stablecoins have been cited in reports of illicit use, including sanctions evasion and organised crime.

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The Bank of England described the September meeting as “part of the Bank’s engagement with political representatives” and noted Farage’s “differing view” from Governor Bailey. A Bank spokesperson said the institution is reviewing a proposed cap on stablecoin holdings and that disclosure of meeting minutes would “likely inhibit the free and frank provision of advice.” Reform UK called Farage’s focus “utter rubbish” and framed it as a defence of national interests. Harborne’s legal team rejected the article’s claims, labeling them “unsupported insinuations, hallucinations, and conspiracy theories” and declined to comment further.

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Tim Picton of Spotlight on Corruption urged full publication of the meeting minutes, arguing transparency is essential while the government finalises its crypto-asset regulatory framework. Reform’s spokesperson dismissed Farage’s campaign as self-serving. Harborne’s lawyers characterised the reporting as “fantasy.” Critics also highlight the potential conflict of interest arising from Harborne’s substantial financial stake in Tether and his donations to Reform.

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If Britcoin proceeds, it could reduce demand for stablecoins, affecting the profitability of firms like Tether and reshaping the UK’s fintech landscape. The episode raises questions about political influence on monetary policy, the adequacy of regulatory oversight of crypto donors, and the balance between innovation and state-run digital finance.

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Farage asserts Britcoin would require a digital-ID system, a claim the Bank has not confirmed. Harborne’s lawyers deny any direct lobbying on behalf of Tether, while DCGG’s submission suggests industry concerns about the CBDC’s market effects. The Bank has refused a freedom-of-information request for the meeting transcript, leaving the full content of the discussion undisclosed.

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• “I don’t want to live in a country with a central bank digital currency,” — Nigel Farage, Reform UK leader

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• “I’m prepared to go to prison to stop us having [central bank digital currencies] administered under digital ID. That is how committed I am.” — Nigel Farage

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• “Listen mate, you’re being a dinosaur.” — Nigel Farage, addressing Governor Andrew Bailey

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• “This is utter rubbish. Nigel’s only focus is on saving the country.” — Reform UK spokesperson

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• “Mr Harborne will not comment on fantasy.” — Christopher Harborne’s lawyers

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• “It claimed there was a “significant risk” that users might switch away from stablecoins such as Tether’s to the state-run digital currency, “stifling growth and innovation”.” — DCGG submission

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The Bank of England continues its consultation on crypto policy, including potential caps on stablecoin holdings. Reform UK plans further public statements as the regulatory framework develops. Advocacy groups are pressing for the release of the September meeting minutes, and parliamentary scrutiny of political donations linked to the crypto sector is expected to intensify.

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