Europe’s Right-Wing Political Groups Find Cause in Crypto

The European crypto scene has gained significant traction over the past few years, with an increase in interest and adoption of cryptocurrencies and blockchain technology. While the crypto industry is often associated with decentralization, innovation, and financial freedom, it is not immune to various political ideologies and influences, and right-wing movements are no exception.

The attraction of cryptocurrencies to right-wing politicians in Europe may stem from a number of factors. Right-wing ideologies often prioritize individual liberty and limited government intervention. Cryptocurrencies, with their decentralized nature, offer the potential for financial sovereignty by allowing individuals to exercise control over their money without relying on traditional financial systems or government regulations.

Right-wing politicians may also see cryptocurrencies as a way to challenge the current financial establishment and its perceived prejudices or controls. Bitcoin (BTC), in particular, emerged after the financial crisis of 2008, a crisis that caused many people to lose faith in traditional financial institutions and government monetary policies.

In addition, many became concerned about central banks and their influence on monetary policy, and bitcoin’s decentralized nature appealed to those who advocate for alternative monetary systems outside of central bank control.

Bitcoin as “the alternative to Germany”

For example, a German exit from the euro and a return to the Deutschmark (the country’s former currency) is a well-known demand of the right-wing populist political party Alternative for Germany (AfD). Although there is no official or clear strategy within the anti-euro party regarding cryptocurrencies, some members have clearly expressed their positive attitude towards bitcoin.

For example, AfD leader Alice Weidel has attended Many bitcoin conferences, call themselves “Bitcoin entrepreneurs” and want launch A bitcoin startup. Even Aaron Koenig, a German entrepreneur and founder of brick-and-mortar crypto exchange Bitcoin Exchange Berlin, was on stage with Weidel, and the two presented their idea of ​​”money without the state.”

The AfD’s preference for crypto is also evident from its behavior in the Bundestag, Germany’s parliament. On several occasions, the AfD has presented “Kleene enfrägen” (literally, “small requests”) to the government. This instrument of parliamentary procedure requires an official response from the Bundestag and is often a way for opposition parties to demand accountability for specific actions or to inquire why other measures have not been taken.

For example, party Asked A “small question” about crypto donations to Ukraine, how a cryptocurrency could replace the previous currency, what effect it would have on the banking system, and how much bitcoin the German federal authority can buy. My, afd too Oppose A proposed bitcoin ban during a discussion among European lawmakers last year.

Verbotskultur der #Internet-Ausdrucker: #gruene, #spd -und #Link woolen #bitcoin Literally! #mika

DER #B T c There is nothing less and there is more: #crypto-Wahrungen Salten von Stadtlicher Regularung Vershont Blieben!

Meher Irfaren: pic.twitter.com/vW6QLKlP4k

– AfD (@AfD) March 14, 2022

The concept of cryptocurrency has, in some places, been linked to the right-wing – and, in part, radical – positions of the AfD.

For years, some experts, such as David Golombia – a digital studies professor at Virginia Commonwealth University who researches the politics of cryptocurrency – have warned that blockchain could be hijacked by right-wing and liberal groups.

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In Colombia’s view, blockchain technology and cryptocurrencies may be the most important recovery His vision of a world without government control. As a former member of the Hayek Society, Weidel belongs to the radical economic liberal wing of his party. The Hayek Society is named after the Austrian economist Friedrich August von Hayek, who was an advocate of a free market with minimal government interference.

Support for crypto among Europe’s right-wing parties

Not only German right-wing politicians have shown interest in bitcoin and blockchain technology as potential disruptors of traditional financial systems, with the leaders of the Dutch right-wing parties Party for Freedom (PVV) and Forum for Democracy (FVD) – Geert Wilders and Thierry Baudet , respectively – also Speaking Positive on topic.

Baudet too Wants to make the Netherlands a bitcoin hub and Free Two NFT series on the theme of his fight against Klaus Schwab, the founder and CEO of the World Economic Forum. Boudet is a fierce critic of the WEF, which he believes that is taking the world in the wrong direction and posing a serious threat to individual liberty.

https://t.co/W7twSHlO2K

— Thierry Baudet (@thierrybaudet) May 3, 2023

Polish politician Jaroslaw Gowin and his centre-right party, the Agreement – ​​formerly known as Poland Together – were part of the ruling United Right coalition from 2015 to 2021. member of parliament.

When Govin was the leader of the Agreement Party, he Express Positive attitude toward cryptocurrencies, acknowledging their potential to spur financial innovation. The politician also consulted several people in the industry regarding cryptocurrencies and blockchain. For example, the party organized a meeting where Prime Minister Gowin listened to recommendations from industry experts, including economists Krzysztof Piech and Filip Pawczynski, president of the Polish Bitcoin Association.

Nigel Farage, a prominent figure in British politics and former leader of the right-wing pro-Brexit UK Independence Party, has also shown interest in cryptocurrencies.

In a 2022 interview with Cointelegraph, Farage – a former member of the European Parliament – ​​said he first became aware of bitcoin 10 years ago and shared his perspective on the potential future of bitcoin adoption in Europe: “America What happens in the U.S. happens here (in Europe) first, too. There’s going to be a very, very big change here in the next two or three years, and it (Bitcoin) will become a reliable means of exchange.”

Faraj also believes that bitcoin has gained appeal as an alternative to the existing financial infrastructure, noting the latter’s inefficiency, high cost and slow speed.

Other right-wing politicians haven’t made specific statements about cryptocurrencies, but are still taking steps to drive digital currency adoption. Viktor Orbán, Prime Minister of Hungary and leader of the right-wing Fidesz party, and his government are currently Considering Potential benefits of launching a central bank digital currency. Hungary also appears to be warming to crypto across the board, with the government revealing plans to reduce taxes on crypto trading from 30.5% to 15% in 2021 as part of an economic reform program.

Right Wing Extremists Trust Crypto Payments

Not only have right-wing politicians discovered cryptocurrencies, but right-wing extremist movements are also using cryptocurrencies. In 2022, the Middle East Media Research Institute (MEMRI) published A report on the huge increase in the use of crypto payments by right-wing extremist groups in recent years.

Crypto payments are not a new tool for ultranationalist and European extremist groups proclaiming the superiority of the “white race” and advocating for a “white” Europe and North America. In fact, they are among the early adopters of the technology, according to MEMRI, accepting BTC donations as early as 2012.

USA-based Southern Poverty Law Center leads compiled List of extremist groups accepting crypto donations.

Ultranationalist and extremist groups are actively using cryptocurrencies not only for reasons of convenience and ideology – and because they are being phased out of traditional and mainstream online banking systems – but also because funds held in crypto are not accessible to anyone. Cannot be accessed or seized by.

So, is crypto a right wing movement?

Does this mean that crypto is a right wing thing in Europe? Not necessary.

While crypto itself is not inherently right-wing or left-wing, it is not without ideology, nor is it entirely free of political positions – even if its political ties are indirect. Politicians can love it or hate it regardless of their political persuasion, and support for cryptocurrencies among politicians is not limited to those with right-wing leanings. For example, the German liberal, pro-free market Free Democratic Party also advocates a favorable policy towards cryptocurrencies.

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While the European crypto scene is not inherently right-wing, there are notable examples of right-wing influence within the community, according to the MEMRI report, which also states that these concerns should be addressed by promoting education, enforcing regulations and ensuring It’s important to do. That the crypto space remains inclusive, transparent and in line with democratic principles.

MEMRI further said that social media platforms and online communities need to take proactive steps to prevent hate speech, misinformation and extremist content, along with promoting healthy, constructive dialogue.