Key Takeaways
- Nigel Farage condemned the idea of a U.K. central bank digital currency (CBDC).
- Citing his personal experience of being “debanked,” Farage said he has embraced crypto as a means of personal financial sovereignty.
- Farage said he intends to lead a public movement highlighting the risks of centralized digital money.
Reform leader Nigel Farage has vowed to oppose the creation of a U.K. central bank digital currency (CBDC), declaring he would “rather go to prison” than live under what he described as a system of government financial control.
The controversial politician also claimed that his experience “debanked” had led him to embrace crypto, calling it the “ultimate freedom.”
Farage Condemns CBDCs
Speaking at the Zebu Live conference in London on Wednesday, Farage warned that a central bank digital currency would form part of a broader move towards “digital personal ID”, which he said could give authorities “complete control” over citizens’ finances.
“A central bank digital currency fits into the plan for digital personal ID. It’s one and the same thing,” Farage said.
“I don’t want to live in a country with a central bank digital currency that can measure how much we’ve spent — that could be linked to a carbon output or whatever else it may be,” he added. “Frankly, I would rather go to prison.”
He said the idea of a state-controlled digital pound “fills [him] with total and utter horror”, calling it an “authoritarian step” incompatible with personal liberty.
Farage told the audience that he had personally raised the issue with Bank of England Governor Andrew Bailey, who confirmed that the central bank was still advancing its CBDC plans.
“I asked him straight — are you still progressing your plans for a British central bank digital currency? And the answer was yes,” Farage said.
“Bailey and I may not agree on things, but he’s honest. He’s an honest public servant.”
CBDCs are digital versions of a nation’s official currency, which, unlike crypto, are fully centralized.
“Debanked” and Turning to Crypto
Reflecting on his own experience being “debanked” two years ago, Farage said the incident reinforced his belief in crypto as a tool for personal empowerment.
“When I was debanked, I realised this is the ultimate freedom — being in control securely of your own money, making your own decisions, free from authoritarian government,” he said.
“Crypto is the ultimate freedom in the 21st century, and debanking absolutely taught me that for life.”
Farage said he now viewed crypto as “the antidote to financial censorship” and promised to lead a campaign for “individual liberty, freedom, independence and choice.”
“They may think they’re the big guys,” he added. “I think there’s enough of us to win this great battle. I intend to be at the forefront of it, however long it takes.”
Farage on His Own Crypto Use
Asked whether he had personally invested in digital assets, Farage replied, “Yeah, of course.”
“People are fascinated,” he said. “When I talk about things, people do actually have conversations about it.”
He acknowledged the risks of speculative trading but distinguished it from long-term investment.
“One thing is investing. The other is trading on margin,” he said. “Trading on margin is great when it’s great. It’s not so great when it’s not so great.”
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
