Will Rishi Sunak inadvertently promote cryptocurrency adoption in the UK through the imposition of sanctions
The United Kingdom’s Prime Minister, Rishi Sunak, has sparked controversy with his recent appearance on BBC News discussing the 2024 elections. Sunak’s statements may inadvertently lead to an increase in cryptocurrency adoption among young Britons due to financial sanction threats aimed at 18-year-olds who resist joining the National Service.
In a video shared in The Guardian, Sunak hinted at the possibility of imposing financial, identification, and other sanctions on young Britons who refuse to participate in National Service during his next term. If enforced, this measure could drive young people towards cryptocurrencies as a means of financial protection. While cryptocurrencies are commonly associated with investments, they also serve as a tool for personal financial sovereignty and resistance to censorship.
During the interview, Sunak mentioned the implementation of compulsory National Service for 18-year-olds when questioned about enforcement methods. He discussed the use of sanctions and incentives, drawing inspiration from existing models in Europe. When asked about financial sanctions, Sunak did not provide a direct answer, suggesting that his administration would explore various solutions.
Cryptocurrencies have been used by individuals worldwide to evade financial sanctions and coercion. Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, believes that Bitcoin’s peer-to-peer nature makes it “bad for dictatorships” and a symbol of “freedom money.” Additionally, other cryptocurrencies like Litecoin, Bitcoin Cash, Monero, and Nano offer similar opportunities for financial sovereignty.
Decentralized finance platforms such as Ethereum, Solana, Cardano, MultiversX, and Radix are creating financial ecosystems that operate independently from central authorities, moving billions of dollars daily. Young Britons who resist National Service may turn to cryptocurrencies as an alternative in the face of sanctions. Sunak’s actions could inadvertently drive cryptocurrency adoption in the UK, following similar trends seen in countries like Venezuela, Russia, Ukraine, Nigeria, Canada, and Argentina.