Legislate to prohibit the payment by or acceptance of cryptocurrencies by UK resident businesses or individuals, and require UK regulators (the FCA and PRA) to prohibit transactions by UK financial institutions in cryptocurrencies such as Bitcoin.
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Cryptocurrencies have no intrinsic value and can be a destabilising influence on society, and often used for criminal activity. Banning crypto transactions in the UK would impede criminals that rely on these currencies, and could also affect faith in the currency and so lead to a fall in prices, reducing the wealth and power of those holding cryptos. Cryptos are in no way essential to legitimate citizens and businesses, and the ‘mining’ of cryptos is harmful to the environment.