Restore Britain party refunds crypto project's donations

Key developments are emerging from the global stage. Restore Britain party refunds crypto project's donations 6 hours ago Share Save Add as preferred on Google Joshua Nevett Political reporter Cryptocurrencies are a form of digital money A new party launched by ex-Reform UK MP Rupert Lowe has said it has refunded donations from a cryptocurrency project, after concerns about the payments were raised with the Electoral Commission. Labour MP Phil Brickell has urged the watchdog to investigate donations made to Restore Britain by the anonymous creators of digital currency Britain Token. The Electoral Commission said it was considering the information but had not opened a formal investigation.

A Restore Britain spokesperson said the party had "already refunded every single penny received from this organisation, going above and beyond any necessary rules to ensure that we are fully compliant". Britain Token is a memecoin - a type of cryptocurrency - that appears to have been created in February this year by anonymous developers and investors. On its website, Britain Token claimed it had donated about £26,000 ($34,800) to Lowe's party.

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The project says it is not affiliated with Restore Britain but supports the party's policies. Donations to UK parties in cryptocurrency are not currently illegal and Reform UK leader Nigel Farage, a keen advocate of the crypto industry, has said in the past that his party would welcome them. But last month, the UK government said it would legislate to ban crypto donations to political parties.

Announcing the move, Communities Secretary Steve Reed said "the anonymity inherent in crypto transactions could make it easier to mask the origin of donations and evade robust checks on the true source of funds". Restore Britain was launched as a political party in February this year and has been endorsed by American billionaire Elon Musk, a cryptocurrency enthusiast who had previously supported Farage. The party says it believes in policies such as low tax, small government and secure borders, promising to "deport all illegal migrants" if it gains power.

Despite being in existence for a few months, Restore Britain is already polling at 3%, according to the latest YouGov survey . Lowe has said his ultimate aim is to create a "national party" but it in next week's local elections, apart from in his Great Yarmouth constituency. Anonymous investors On its X account, Britain Token said Lowe was "working to put the British back in the place they deserve" and promised to donate 100% of its earnings from investor fees to Restore Britain.

Developers of memecoins can receive fees from investors for every transaction involving their token. Britain Token's apparent donations pre-date the announcement of the government's ban on cryptocurrency donations and screenshots of receipts posted to social media suggest they were paid in British pounds. Britain Token has not shared any posts about donations on its X account since early March.

The development has drawn wide international attention, with diplomatic circles watching closely.