Farage trying to block ‘Britcoin’ plans that could be costly for billionaire donor

Reform UK leader used private meeting at Bank of England to urge governor to drop plans for state-run cryptocurrency

Nigel Farage has been trying to block a Bank of England cryptocurrency plan that could be costly for the billionaire bankrolling his party.

The Reform UK leader has said Christopher Harborne wants nothing in exchange for the millions he has donated to the party and the undeclared £5m personal gift to Farage that the Guardian revealed in April.

But Farage used a private meeting at the Bank to urge the governor to drop plans for a state-run alternative to the digital currency that has made his Thailand-based benefactor one of the richest people in the world.

Farage’s opposition to the proposal for a “Britcoin” is so strong that, after the meeting last September, he told an audience of crypto enthusiasts he would be “prepared to go to prison” to stop it, footage of the event shows.

Harborne’s £25m in donations to Farage’s Reform UK , formerly the Brexit party, account for about two-thirds of its funding. He is one of a handful of tech figures who own Tether, the company that issues the world’s most widely traded cryptocurrency.

Tether’s digital cash, known as stablecoins, is pegged in value to government-issued currencies, allowing users to exchange their money easily between the two. Registered in El Salvador with a small staff, Tether’s reported profits have surpassed those of Netflix and Coca-Cola.

If Harborne’s share of the profits is equal to his 12% stake, that would give him about £1bn a year. Those profits could fall, however, if the Bank’s governor, Andrew Bailey, proceeds with the Britcoin plan, which could cut demand for stablecoins such as Tether’s, according to a submission to the central bank by an industry body that represents the company.